The unprecedented decline in home values seen across the United States was detrimental to many homeowners. That’s why Fannie Mae and Freddie Mac developed a new type of refinancing program for those who took out home loans before May 31, 2009 in the HARP program. HARP stands for “Home Affordable Refinance Program,” and it is used as a “Same Servicer” or “Open Access” refinance meant to provide relief to borrowers from high interest rates. As a Freddie Mac seller/servicer, Oceanside Mortgage Company has direct access to HARP and can offer the program without the restrictions many lenders must place on it.
Any individual with a credit score of 620 who are receiving some type of income is qualified. Income to debt ratio is not terribly relevant and income from retirement or a pension plan counts toward this qualification. All mortgage payments in the last 12 months must have a record of being paid within 30 days of their respective due dates as well. Borrowers are not required to show any assets, and most single family homes, condos, planned urban developments, and townhouses are eligible for HARP.
Oceanside specializes in HARP refinancing and has refined the process to you can reap all possible benefits. As a Freddie Mac servicer and lender we can refinance with minimal overlays. We offer a no closing cost option, no appraisals, and no extra fees for credit checks or application. We also have an option to skip your next mortgage payment and have it financed into your loan. Altogether, Oceanside hopes to make your refinancing process as painless as possible. Contact us today to see what that looks like for you.
Oceanside Mortgage Company is a private corporation. Oceanside Mortgage Company is not acting on behalf or at the direction of HUD/FHA/VA/USDA or the Federal Government. By refinancing your existing loan, your total finance charges may be higher over the life of the loan. NMLS# 80015 Visit the Nationwide Mortgage Licensing System & Registry consumer access website for licensing information: www.nmlsconsumeraccess.org Website authorization by the New York State Department of Financial Services is pending. Until this website is authorized, no mortgage loan applications for properties located in New York will be accepted through this site