Finally, a Program for the Stable Homeowner!

Presented by Kristina LeePresented by Kristina LeeSenior Loan OfficerSenior Loan Officer

A-Plus LoansA-Plus Loans

Home Affordable Refinance – A New Refinance Option for Existing Fannie Mae Loans

Introduction

A critical part of Fannie Mae's role in the Making Home Affordable Program is the Home Affordable Refinance Program (HARP).The goal of the refinance effort, as announced by the President, is "to provide access to low-cost refinancing for responsible homeowners suffering from falling home prices." The expectation is that refinancing a Fannie Mae loan will put responsible borrowers in a better position by reducing their monthly principal and interest payments or moving them from a more risky loan structure (such as interest-only or short-term ARM) to a more stable product. Our solutions provide mortgage refinances for current LTVs up to 105 percent with mortgage insurance flexibilities.

Program Highlights

• Your loan must be owned by Fannie Mae.

• You must be able to prove an excellent mortgage payment history.

• Your current loan can be equal to as much as 105% of your current home value.

• There is no mortgage insurance required if your current loan has no mortgage insurance.

• If your loan has mortgage insurance, you may not qualify for this program.

• If you have a 2nd mortgage, you may keep it if your 2nd mortgage lender accepts a reconveyance.

Required Borrower Benefit

These new refinance options are intended to assist borrowers by providing a benefit to ensure long-term homeownership sustainability. Borrower must receive a benefit in the form of either:

• a reduced monthly mortgage principal and interest payment; or

• a lower interest rate; or

• a more stable mortgage product, for example, movement from an ARM to a fixed-rate mortgage. (Note: lenders are encouraged to provide fixed-rate mortgages to borrowers whenever possible).

Step 1

Check if your loan is owned by Fannie Mae on their website.

http://loanlookup.fanniemae.com/loanlookup/

Step 2

Check your home value on our website.

http://a-plushomes.com/home-appraisal/index.htm

Step 3

Calculate your loan to value. Make sure that it is below 105%.

Equation:

Loan Amount/ Estimated Home Value X 100= Loan to Value or LTV

If this is below 105%, you are in good shape.

Proceed to step 4.

Note: If your LTV is a little higher than 105% and you have the money to pay down your balance, you may still qualify.

Step 4

Gather these items:

• Current Mortgage Statement

• Homeowner’s insurance policy

• W2 for 2 yrs

• Pay stubs for 2 months

• Bank statement for 2 months

It will make it easier to assess your benefits with this program.

Step 5

Check the current interest rates and programs.

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Step 6

Give me a call to discuss projected monthly savings, programs and rates.

I thank you for your time and look forward to speaking with you soon.

You have a few options to contact me:

Direct: 858-245-2502

E-mail: kristina@mycalhomeloan.com

Fax: 858-605-4265

Monday- Friday 9am- 7pm PST