HASP Mortgages in Metro Detroit
HASP - Homeowner Affordability and Stability Plan
The HASP (Home Affordability and Stability Plan) also known as "The Making Home Affordable" plan is a far-reaching program created to assist home owners with their current mortgages in two ways:
• A Refinance Program
• A Loan Modification Program
Here are the differences between these two programs and how they will affect you:
Loans That Qualify for the Refinance Program:
Under the refinance program guidelines your primary residence, vacation or 2nd home, and investment or rental homes will qualify even if you have little or no equity. You will not be required to have Private Mortgage Insurance in excess of what is already in place. This is a great opportunity to lower your monthly mortgage expense.
You must have excellent credit to qualify for this program, however, there is no requirement to document your income or your assets. The HASP refinance program will reward those who have continued to make their mortgage payments on time by allowing them to refinance their mortgages with current loan-to-value ratios up to 105%.
Additionally, there is no appraisal required if your property’s value can be identified through an automated evaluation method. Not all properties will work with these systems, however, as sometimes there is insufficient data to evaluate. Other times the data being evaluated is not accurate, i.e. not reflecting a room addition, other major remodels, or upgrades. If the free automated evaluation process does not provide us with the value needed to complete your refinance, then you will have the option of paying for a full appraisal.
Loans That Qualify for the Loan Modification Program:
If you have suffered a financial hardship and have subsequently fallen behind with your mortgage payments, this part of the program will help by lowering the monthly principal and interest payments on the mortgage until you can afford them.
The loan modification program is available only for loans that secure your primary residence. These are the ONLY loans that will qualify for this program. In some instances, you may be eligible for both of the programs. There are a series of steps that will help make "your home affordable", reducing at-risk borrowers’ monthly mortgage payments to as little as 31% of monthly income - starting with lowering your interest rate, then subsidizing your mortgage payments, extending the term of your loan for up to 40 years and in some instances forbearing or even forgiving a portion of the loan altogether.
Contact us today to see if your loan qualifies for the HASP Home Affordability and Stability Plan.