This program designed by Fannie Mae and Freddie Mac in concert with federal regulators, assists homeowners with refinancing their homes, often with No Appraisal, Minimal Documentation and Reduced Closing Costs.

 Here are some HARP highlights: 

• Your refinanced 1^st Mortgage may be as much as 125% of your home’s current market value
• In many cases Appraisals are not required
• Property types include: Primary Residence, 2^nd Homes, Investment Properties, Condos, PUD’s and Rural Properties
• 30 and 15 Year fixed available

 Here are some ways HARP may help you: 

• If you would like to reduce your current interest rate.
• If you have a 1^st & 2^nd Mortgage you can still refinance the 1st regardless of the loan size of your 2^nd.  Your existing second mortgage lender is required to subordinate.
• If you have an Interest Only loan and would like a Fully Amortized loan
• If you have and Adjustable Rate Mortgage (ARM) and would like a Fixed Rate
• If your value has declined

 Each transaction is unique so if you would like to know more about FannieMae’s or FreddieMac’s new loan program and to see if your property qualifies, please give us a call at (541) 479-3377.

For a First Time Home Buyer loan to close by June. 30, 2010:

• A complete credit package* must be received on or before May 14th, 2010.
• All conditions for the loan must be received by June 14th, 2010.
• The loan must be clear to close, by June 21st, 2010.
• Borrowers must sign the loan documents by Nov. 25th, 2009. No revisions to the loan parameters will be allowed after Nov. 25.
• Any revisions to loan parameters after closing docs have been delivered may result in the loan not funding by June 30th.