Oregon Housing and Community Services announced that Multnomah County is set to start taking applications for the Rebuilding American Homeownership Assistance Pilot Program or RAHAPP come June 12, 2013. The program also known as HARP 3.0 is a follow up to past programs made available through the Making Home Affordable campaigns HARP and HARP 2.0. Unfortunately millions of underwater homeowners who's loans are not owned by Fannie Mae or Freddie Mac were left out and stuck in mortgages with higher rates and payments. Senator Jeff Merkley introduced a plan back in July of 2012 to help more Americans and boost our economy by proxy. The goal is to take RAHAPP State and Nationwide is the pilot program is successful. Social media has played along too with its #MyRefi but for the official press release click here.
As a pilot program, opportunities for participation are limited and available only to homeowners living in Multnomah County. Eligibility criteria include, but are not limited to, the following:
Homeowners must be significantly underwater
Homeowners must be current on existing mortgage payments
Homeowners cannot own other residential property
Existing mortgages cannot be owned or guaranteed by Fannie Mae or Freddie Mac
RAHAPP provides two refinancing options:
15-year mortgage at 4% fixed interest, with a $200,000 loan amount, the APR would be 4.129%.
30-year mortgage at 5% fixed interest, with a $200,000 loan amount, the APR would be 5.077%.
OHSI has contracted Alpine Mortgage Planning to administer RAHAPP, and interested homeowners will be evaluated for and may be offered other refinance options. Refinance fees will apply.
Disclaimer: Freddie Mac and Fannie Mae have adopted changes to the Home Affordable Refinance program (HARP) and you may be eligible to take advantages of these changes.
If your mortgage is owned or guaranteed by either Freddie Mac or Fannie Mae, you may be eligible to refinance your mortgage under the enhanced and expanded provisions of HARP.
You can determine whether your mortgage is owned by either Freddie Mac or Fannie Mae by checking the following websites: