HARP 2.0

Underwater loans

Home Affordability Refinance Program (HARP)

The Home Affordability Refinance Program, Harp 2, gives homeowners who owe more than their home is worth a chance to refinance, and is designed to help you get a new, more affordable, more stable mortgage. With the new HARP mortgage program there are fewer restrictions, faster underwriting and in many cases no need for an appraisal. So help put your worries aside and call First Cal today to talk to a loan officer who can answer your questions. HARP refinance loans require a loan application, underwriting process, and refinance fees will apply.  In many cases, if traditional financing has not worked, HARP often can.

HARP 2.0 Features

  • Stay in your home and lower your monthly payment
  • Mortgage relief through lower interest rates
  • Avoid foreclosure when mortgage payments are no longer affordable.
  • Simple refinance loan process
  • Unlimited loan to value
  • Less restrictive qualifying requirements
  • All occupancies and properly types, no restrictions on investment properties.

Homeowners who are underwater in their mortgage can often refinance toward a more stable fixed-rate loan, which can improve homeowner finances over the long-term.  If you are a struggling homeowner with good credit who has not missed a payment, the HARP mortgage program is your chance to refinance and keep your home.

Eligibility Requirements

  • The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae. See below to verify.
  • The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
  • The mortgage cannot have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009.
  • The current loan-to-value (LTV) ratio must be greater than 80%.
  • The current mortgage must be in good standing at the time of refinance with a good payment history over the past 12 months.

How do I know if Fannie Mae or Freddie Mac has my mortgage?

Fannie Mae and Freddie Mac have “lookup” forms on their websites so you can see if your loan is currently owned by them. Your loan must appear on one of these two sites to be eligible for HARP.

Click here to check Fannie Mae

Click here to check Freddie Mac.

HARP Deadline

  • For loans originally sold to Fannie Mae or Freddie Mac before May 31, 2009 the deadline has been extended to January 1st, 2016.

Long Term Benefits

  • Long-term improvement in finances
  • Save money for any occasion:
    • College fund
    • Vacation
    • Remodel
    • Pay off other debt
MyLenderSean.com is not a lender, but is the domain name and blog website for loan officer Sean Young (NMLS 191647 / LMB 100013240) who is an employee of Broker Solutions, Inc. DBA New American Funding an Equal Housing Lender licensed through NMLS 6606.
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