List Of Mortgage Assistance Programs
We continue to receive a large number of request for assistance from people trying to do Loan Modifications and in some cases Short Sales where the seller has already signed a contract with a different listing agent but that agent is having a hard time closing the transaction. This page has been built for the purpose of helping you find your way.
- Loan Modifications: We don’t do loan mod consulting but have prepared this page to help you. Look of the topic that best describes your situation then read what your next steps are.
- Short Sales: Generally speaking we don’t take Short Sale listings except to help friends and relatives. However if you have a special situation that requires a higher degree of expertise, give us a call, we are always willing to listen.
Each Topic below covers a different program. Click on the title to revel the program guidelines and eligibility criteria. Call us if you have any questions 877-696-7373 x1
Home Affordable Modification Program (HAMP – Loan Modification)
Purpose: Lower your monthly mortgage payments.
General eligibility guidelines:
• You obtained your mortgage on or before January 1, 2009.
• You owe up to $729,750 on your primary residence or single unit rental property
• You owe up to $934,200 on a 2-unit rental property; $1,129,250 on a 3-unit rental property; or $1,403,400 on a 4-unit rental property
• The property has not been condemned
• You have a financial hardship and are either delinquent or in danger of falling behind on your mortgage payments (non-owner occupants must be delinquent in order to qualify).
• You have sufficient, documented income to support a modified payment.
• You must not have been convicted within the last 10 years of felony larceny, theft, fraud or forgery, money laundering or tax evasion, in connection with a mortgage or real estate transaction.
Next Steps: Contact your mortgage company to see if you are eligible. Also, fill out the following forms:
• Request for Mortgage Assistance Form
• IRS Form 4506T-EZ or 4506-T
• Verification of Income
Home Affordable Refinancing Program (HARP 2.0 – Refinance Negative Equity)
Purpose: To allow homeowners with Fannie Mae or Freddie Mac-guaranteed mortgages to refinance into a lower rate. The program primarily targets “underwater” homeowners, borrowers who owe more on their mortgages than their homes are worth. The Obama administration recently lifted a cap that prevented homeowners whose mortgages were more than 125 percent the value of their homes from qualifying. That has extended the program to a much wider swath of homeowners.
General eligibility guidelines:
• The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae.
• The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
• The mortgage cannot have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009.
• The current loan-to-value (LTV) ratio must be greater than 80%.
• The borrower must be current on the mortgage at the time of the refinance, with a good payment history in the past 12 months.
Next Steps: Determine if Fannie Mae or Freddie Mac owns your mortgage using their Loan Look-up Tools. You can also contact your current mortgage servicer or another that is approved by Fannie Mae or Freddie Mac to inquire about HARP. You can also compare rates and costs with additional mortgage companies to ensure best refinance terms.
FHA Short Refinance (Refinance for Borrowers with Negative Equity)
Purpose: To allow homeowners with FHA-insured mortgages worth more than their homes to refinance into a lower rate.
General eligibility guidelines:
• Your mortgage is not owned or guaranteed by Fannie Mae, Freddie Mac, FHA, VA or USDA.
• You owe more than your home is worth.
• You are current on your mortgage payments.
• You occupy the house as your primary residence.
• You are eligible for the new loan under standard FHA underwriting requirements.
• Your total debt does not exceed 55 percent of your monthly gross income.
• You must not have been convicted within the last 10 years of felony larceny, theft, fraud, forgery, money laundering or tax evasion in connection with a mortgage or real estate transaction.
Next steps: Talk to your mortgage owner to see if they want to participate in an FHA refinance. Or talk to an HUD-approved housing counselor for free.
Home Affordable Foreclosure Alternatives (HAFA) Program
Purpose: To help people who can no longer afford their mortgages to transition to more affordable housing. The program provides two options: a short sale or a Deed-in Lieu of foreclosure.
General eligibility requirements:
• You live in the home or have lived there within the last 12 months.
• You have a documented financial hardship.
• You have not purchased a new house within the last 12 months.
• Your first mortgage is less than $729,750.
• You obtained your mortgage on or before January 1, 2009.
• You must not have been convicted within the last 10 years of felony larceny, theft, fraud, forgery, money laundering or tax evasion in connection with a mortgage or real estate transaction.
Next steps: Contact one of the HUD-approved housing counselors for free to discuss your options. When it’s time for HAFA, be prepared to provide the following:
Request for Mortgage Assistance (RMA)
For more information, see the Making Home Affordable website
Home Affordable Unemployment Program
Purpose: To help unemployed people manage mortgage payments. The program can either reduce payments or suspend them altogether for 12 months or more.
General eligibility guidelines:
• You are unemployed and eligible for unemployment benefits.
• You occupy the house as your primary residence.
• You have not previously received a HAMPSM modification.
• You obtained your mortgage on or before January 1, 2009.
• You owe up to $729,750 on your home.
Next steps: Contact a HUD-approved housing counselor at 888-995-HOPE (4673). They will help you understand your options, design a plan, and prepare your application. You can also contact your mortgage servicer to see if you are eligible.
See the Making Home Affordable website for more information.
Independent Foreclosure Review (Bank treated you unfairly in foreclosure)
Purpose: To recover damages if financially injured during a foreclosure from 2009 to 2010.
General eligibility guidelines:
• Your mortgage loan was active in the foreclosure process between January 1, 2009 and December 31, 2010.
• The property was your primary residence.
• You had one of the providers listed here.
Next Steps: Fill out the form for a free independent foreclosure review here. Make sure to send the form by September 30, 2012.
Free Housing Counseling
Purpose: Get free advice on buying a home, renting, defaults, foreclosures, and credit issues.
General eligibility guidelines: This service is open to everyone.
Next Steps:
- For questions regarding Defaults and foreclosure issues
- Friends and family may call us and I will meet with you, review your information and help you fill out the applications at no charge.
- Others: You may call us and I will talk with you over the phone for no charge. If you have more in-depth questions then Search for a HUD approved housing counselor near you, or call 888-995-HOPE (4673) for free, comprehensive assistance around-the-clock
- For any questions on buying, selling, short sales or renting a home Contact Don Gardnier at 877-696-7373 x1 or Don@sd4u.com
- For questions on First Time Home Buyer Down Payment Assistance Programs, Contact Don Gardnier at 877-696-7373 x1 or Don@sd4u.com
We have had a very unique mortgage calculator created to help our clients understand what their full payments will be when purchasing a home (including PITI,MIP, PMI, HOAs and more. You can also use this to figure out what your payment would be in a Refi or loan mod. You can use the calculator free of charge by clicking the calculator ICON on the menu bar above. You may wish to watch out Youtube video (now on first page of Youtube) which shows how to use the calculator. Here is the link to the video tutorial
And Finally. Please remember us when you, your family or friends are considering buying or selling a home. We are a full service Real Estate Services company and can not only do everything that normal agents can do, but also are one of the few agents in San Diego, Riverside, Orange and Los Angeles counties that specialize in First Time Home Buyer Down Payment Assistance Programs. We regularly help FTHB’s get up to 90,000 in Down Payment Assistance. We also use these programs to help our sellers sell their homes faster and for more money as we can offer buyers this huge benefit if they buy our sellers home. We provide a strong and complete source on information about market events on out new Facebook site which you can access by clicking the link in the red box at the bottom of this page. And most importantly, we have lots of current and previous clients who follow us on Facebook and can answer your questions about our ethics, customer service and capabilities.
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