California HARP Refinance

Can Obama’s Refinance Program Help California?

California (2012) – The HARP Refinance program has been met with both skepticism and relief by California homeowner’s. Who’s right about HARP?

Will HARP 2.0 help? Will the HARP Refinance program be another failure like HAFA, HAMP or one of the multiple other refinance, short sale or loan modification programs that preceded it?

The answer is clear. The Home Affordable Refinance Program is different. It is not another misguided government attempt to help underwater homeowner’s.

The HARP Refinance Program has legs, HARP 2.0 is different. Fannie Mae and Freddie Mac are on board, they have eliminated the hurdles of the original HARP Program.

They have insured that HARP mortgage lenders, second mortgage holders and others associated with mortgage lending need to play ball.

Obama’s Refinance Program eliminates a lot of the risk to HARP Refinance lenders that limited the original HARP Program. HARP 2.0 is also open to all mortgage professionals with participating lenders.

The days of waiting 90 to 120 days t0 close your HARP Refinance are over, the playing field is level. Underwater homeowner’s are no longer beholden to the underwriting, interest rate and turn time whims of the big 4 banks.

As a former loan officer at one of the big 4 mortgage lenders, I can say without hesitation that the new Obama Refinance Program is light years better than the original HARP Refinance plan.

You are probably ready for the meat of the post, you want to know if YOU qualify for a HARP refinance right? No problem, let’s cover the basic HARP 2.0 guidelines and talk about a few Home Affordable Refinance alternatives for those that need other refinance options.

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HARP Refinance Guidelines

HARP 2.0 Qualifications | HARP Refinance Alternatives

Not everyone will qualify for a HARP Refinance. There are guidelines, although limited, that do apply to version 2.0 of the Home Affordable Refinance Program.

• Fannie Mae / Freddie Mac – HARP 2.0 is a program for homeowner’s with conventional mortgage loans. Your loan has to be owned by Fannie or Freddie to qualify. Not sure? Check out our HARP eligibility search tool. Not finding your loan? Don’t give up, the tool is fickle. We have the capability to dig deeper, but you need to contact us.
• Closing Date – Your mortgage loan must have been originated prior to June 1st, 2009.
• HARP 1.0 Refinance – If you refinance through the original HARP plan then you are not eligible.
• Current Mortgage Payments – You have to be on-time with your mortgage. HARP 2.0 allows for NO late payments in the last 6 months and only 1 mortgage late in the past 12 months.
• Minimum Credit Score – This will vary from HARP Lender to HARP Lender, but we are seeing a 620 middle score for most of out participating Home Affordable Refinance lenders.
• Lender Paid Mortgage Insurance – Another tricky scenario, most likely if you have lender paid mortgage insurance then you will have to return to your current mortgage servicer for your HARP Refinance.

California HARP Refinance – How Do I Get HELP?

Irvine, Corona, Santa Ana, San Diego, Los Angeles or the rest of California – you have been hit hard by the real estate crash. Home prices have dropped 40% in many California cities and neighborhoods. Many people have walked away, but others have stood by the respond.

Responsible homeowner’s need a reward, the HARP 2.0 Refinance program is that reward.

Need More HARP Refinance Info?

Not sure if HARP can help you? That is what we are here for, to help homeowner’s understand their refinance choices. HARP Refinance, FHA Streamline Refinance, VA IRRL – doesn’t matter. We know the the options, we can help.

 HARP Refinance Markets: Irvine, Santa Ana, San Diego, Los Angeles, Sacramento and all California cities in between.

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