What is the HARP Loan Program (Home Affordable Refinance Program) and How Can I Refinance My California Home That Has No Equity?

HARP Refinance Home Loan Program

Click on the Picture above to watch a short Video about the Home Affordable Refinance Program.....

Not sure if your Note is owned by Fannie Mae (FNMA) or Freddie Mac (FHLMC), I can do the research for you to determine if or if not. What this means is that your Note is owned by either FNMA or FHLMC but serviced by a third party provided. The Home Affordable Refinance Program (HARP for short) was created to assist existing homeowners currently owned by either Fannie Mae or Freddie Mac to refinance to a lower fix rate or from an adjustable interest rate to a fix rate all without the possibility of an appraisal.

The HARP program can help!

The Home Affordable Refinance Program, HARP for short, is a United States federal program, formed by the Federal Housing Finance Agency in March 2009 to help homeowners that may be underwater and near-underwater with the mortgage amount to the value of their home. Join the over million property owners who have already benefited from the Home Affordable Refinance Program.

The benefits to the HARP loan program are: 
  • May skip up to 2 months of mortgage payments, saving those payments to pay off debt or apply to the next lower mortgage payment
  • No monthly mortgage insurance even with the loan to value over 80%
  • No appraisal needed in some cases will need to run a loan request through Fannie Mae's DU – Desktop Underwriting system or Freddie Mac's LP – Loan Prospector system to determine if an appraisal report is required
  • If you have a 2nd lien on the property and the loan to value is over 95%, the lien will need to be subordinated
  • 30-year fix rates are still very low on the HARP program as well as 20 and 15-year terms if you have a 30-year term look at exploring the option to refinance to a 20 or 15 year home loan
  • The homeowner must have a current mortgage payment at the time of the refinance as well as a 12 month on time payment history the previous 12 months
Know your options with the HARP loan program before you stop making your monthly mortgage payment. There are still over a million homeowners who can take advantage of this program before it is set to expire on December 31st, 2015.

The HARP home loan program is designed to assist existing homeowners to obtain a new more affordable and stable mortgage payment. I welcome to discuss your lending options on the HARP 2.0 home loan refinance at 909-503-5600.