Loan Eligibility Criteria for California Obama Government Mortgage ...

This post will help you understand the Loan Eligibility criteria for the new California Home Affordable Refinance Program (HARP), also called Obama Government Refinance program. Whether you live in San Jose, Santa Clara County or rest of California, it applies to you. Here?s 6 things you need to know which will help you qualify for this mortgage:

1. The program started on December 1st, 2011 and will go till December 31st, 2013.
2. The loan must be currently owned/serviced by Fannie Mae or Freddie Mac.?Go here to find if your loan qualifies.
3. The loan must have closed before May 2009. Because the loan must have been sold to Fannie Mae/Freddie Mac before June 1st, even if your loan actually closed before that deadline ? you may or may not qualify.. Since, your lender may or may not have been able to sell the loan to Fannie Mae/Freddie Mac within that deadline.
4. The program allows for unlimited LTV (Loan to Property Value Ratio). What that means is that it does not matter how much underwater you are on your California Home mortgage, you may still qualify. This applies to loans with fixed rate mortgages with terms up to 30 years, which is going to be the most common program for California HARP Refinance.
5. You can not have any late mortgage payments in last 6 months and no more than 1 late payment between 7-12 months.
6. You do not need to use your current servicer and can use any lender that offers this program which includes us. In fact, most of the servicers may be overwhelmed by the response and will have a very long turn times to close your mortgage. We are a California HARP (Home Affordable Refinance Program) approved lender.

Contact us at 408.615.0655 or Info@ArcusLending.com so that we can guide you in the right direction. And should you qualify we can offer a no closing cost loan option with industry leading customer service.?You can get news, updates, Live HARP Rate Quote, 60 second loan qualifier and other details at California HARP Refinance site.

Source: http://www.wannanetwork.com/2012/02/19/loan-eligibility-criteria-for-california-obama-government-mortgage-refinance-program/

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