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Northridge, CA, United States
We are a full service mortgage brokerage with experience in the areas of mortgage lending, real estate and business. Our company has established relationships with many mortgage investors and banks to provide the best programs for your individual circumstances. We specialize in Conventional, Goverment, Investment, and Reverse Mortgage. We are experts regarding any FHA or VA (veteran) questions you may have. Post any questions or feel free to call our office 818-773-0033. If our clients don't fit into one of the many loan programs offered we promise to help them overcome the roadblocks that can stop them from securing a loan. When purchasing we suggest always getting a pre-approval early on to have ease of mind knowing what amount you will qualify for and make the loan process as smooth as possible.

Thursday, December 16, 2010

Home Affordable Refinance Program (HARP)- Refince up to 125% LTV

Fannie Mae will accept mortgages refinanced through the Home Affordable Refinance Program (HARP) with loan-to-value (LTV) ratios between 105.01% and 125%. The initiative is aimed at helping borrowers refinance their underwater mortgages. Loans owned or serviced by Fannie Mae or Freddie Mac are eligible for the program.

Loans modified through the program are required to either lower a borrower’s monthly payment or move them into a more stable mortgage, i.e. going from an adjustable-rate mortgage to a fixed-rate loan.

Guideline Highlights:

  • LTV > 105% to 125% with an unlimited combined loan to value (CLTV) for existing subordinate financing.
  • Owner Occupied Single Family Residences, including PUDs. (Condos are not eligible)
  • 620 minimum credit score
  • Conforming limits only (Loans < 417,000). This is not available for high balance loans.
  • A full appraisal or interior/exterior 2055 is required.
  • 30 year term only.
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