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 Available Homeowner’s Assistance Programs 

Home Affordable Refinance Program (HARP)

If you are current on your mortgage and have been unable to obtain a traditional refinance because the value of your home has declined, you may be eligible to refinance through HARP. HARP is designed to help you refinance into a new affordable, more stable mortgage. The HARP loan is a new loan and will require a loan application and underwriting process. Loan refinance fees will apply.For More Information

Home Affordable Modification Program (HAMP)

If you are having a tough time making your mortgage payments for reasons not related to unemployment, you may qualify for HAMP. HAMP lowers your monthly mortgage payment to 31 percent of your verified monthly gross (pre-tax) income to make your payments more affordable. The typical HAMP modification results in a 40 percent drop in a monthly mortgage payment. Eighteen percent of HAMP homeowners reduce their payments by $1,000 or more.

Principal Reduction Alternative (PRA)

PRA was designed to help homeowners whose homes are worth significantly less than they owe by encouraging servicers and investors to reduce the amount you owe on your home.

Eligibility You may be eligible for PRA if: Your mortgage is not owned or guaranteed by Fannie Mae or Freddie Mac.

Program Availability More than 100 HAMP SM-participating servicers are required to evaluate homeowners for principal reduction. Participating servicers are required to develop written standards for PRA application. The largest servicers include Bank of America, CitiMortgage, JP Morgan Chase, and Wells Fargo.  

Veteran's Administration Home Affordable Modification (VA-HAMP)

If you have a loan that is insured or guaranteed by the Department of Veterans Affairs (VA), you may be eligible for a program through that government agency. FHA, VA and USDA all offer programs for struggling homeowners that strive to lower your monthly mortgage payment to 31 percent of your verified monthly gross (pre-tax) income to make your payments more affordable.

For More Information

For additional programs information visit the HUD website: http://www.makinghomeaffordable.gov/pages/default.aspx 

SAN DIEGO FUNDING IS A FNMA, FHA AND VA DIRECT LENDER IN SAN DIEGO SINCE 1981

 For additional assistance please call or email, 

Rob Johnson    

Five Star Mortgage Professional

Serving You Since 1979

Office (619) 260-1660 x247