Mortgage Assistance Programs

The HARP Program (Home Affordable Refinance Program) ends December 2013.

  • 620 Minimum FICO score
  • Unlimited LTV Available
  • Must be current on payments
  • 2nd loans must be subordinated
  • Loan Amounts Up To $625,500 (loan must be before 6/1/2009)

The Home Affordable Refinance Program - The HARP Program now available to 5 million homeowners who have a solid payment history on an existing mortgage owned by Fannie Mae or Freddie Mac.  Normally, these borrowers would be unable to refinance because their homes have lost value, pushing their current loan-to-value ratios above 100%.  Under the HARP program, many of them will now be eligible to refinance their to take advantage of today's lower mortgage rates or to refinance an adjustable-rate mortgage into a more stable mortgage, such as a 30-year fixed rate loan.

The HAMP Program (Home Affordable Modification Program) ends December 2013.

  • Mortgage including taxes & insurance must be over 31% of borrower monthly gross income
  • Must live in property (1-4 units)
  • Less than $729,500 on 1st mortgage only/2nd loans okay
  • Loan originated before Jan. 1st, 2009
  • Current or late mortgages okay (Pending NOD "Notice of Default"/No NOS "Notice of Sale")
  • Must have a financial hardship (i.e. job loss, reduced income, divorce, etc.)

The Home Affordable Modification program- The HAMP Program now available to 4 million at-risk homeowners avoid foreclosure by reducing monthly mortgage payments.  Working with the banking and credit union regulators, the FHA, the VA, the USDA and the Federal Housing Finance Agency, the Treasury Department announced program guidelines that are expected to become standard industry practice in pursuing affordable and sustainable mortgage modifications.

The HAFA Program (Home Affordable Foreclosure Alternative) ends December 2013.

  • Must be your primary residence
  • Less than $729,500 on 1st mortgage only/2nd loans okay
  • Must have a financial hardship (i.e. job loss, reduced income, divorce, etc.)
  • Loan originated before Jan. 1st, 2009
  • Home must not have any equity (upside down)

The Home Affordable Foreclosure Alternative - The HAFA Program is sponsored by the federal government that helps individuals and families who are experiencing difficulty in selling their homes. HAFA was initiated on November 30, 2009 by the U.S. Treasury Department with the goal of revitalizing the housing market. What is HAFA? click here to watch the video.

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