Interest rates are still at historic lows. Whether you’re interested in refinancing into a lower rate or in cashing out some of your equity, Springboard Home Loans can help. With a number of competitive financing options available, we’ll explain your best options and how that will affect your finances now and in the long term.

Home Affordable Refinance Program (HARP)

The Home Affordable Refinance Program (HARP) is a federal program designed to assist homeowners in refinancing their mortgages – even if they owe more than the home’s current value. If you are current on your mortgage, with or without equity, then you are eligible for this program. The HARP program allows you take advantage of current market rates even if you are “underwater” so that you can lower your monthly payments.

Program Eligibility:

  1. The mortgage MUST be owned or guaranteed by Fannie Mae or Freddie Mac.
  2. The mortgage MUST have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
  3. 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.
  4. The current loan-to-value (LTV) ratio MUST be greater than 80%
  5. The borrower MUST be current on the mortgage at the time of the refinance, with no late payment in the past six months and no more than one late payment in the past 12 months.
  6. You have a reasonable ability to pay the new mortgage payments.
  7. The refinance improves the long term affordability or stability of your loan.

Contact us to learn more!