This program is only available in Multnomah, Clackamas, and Washington Counties.
Program will open: June 12, 2013
Rebuilding American Homeownership Assistance Pilot Program
Developed in partnership with Oregon’s Senator Jeff Merkley, the Rebuilding American Homeownership Assistance Pilot Program (RAHAPP) aims to provide a new opportunity for underwater homeowners to refinance their mortgage. RAHAPP mortgages will enable homeowners to rebuild equity faster than their existing mortgage or to lower their monthly payment amount. As a pilot program, opportunities for participation are limited and available only to homeowners living in Multnomah, Clackamas, and Washington Counties. 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.