How Can I Refinance My California Home That Has No Equity? Try The Harp Program

Home Affordable Refinance Program

Not sure that your home loan is owned by Fannie Mae or Freddie Mac, let me do the research for you to check. What this means is that your Note is owned by either FNMA or FHLMC but serviced by a third party provided.

The HARP program was created to assist existing homeowners currently owned by either Fannie Mae or Freddie Mac to refinance in a lower fix rate and from an adjustable interest rate into a fix rate all with out the possibility of an appraisal.

The benefits to the program are:

Can skip to 2 months of mortgage payments, saving those payments to pay off debt or apply to the next lower mortgage payment
Offers no monthly mortgage insurance even with the loan to value over 80%
No appraisal needed in some cases, will need to run your loan request through DU – Desktop Underwriting or LP – Loan Prospector to determine if an appraisal 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 the 15 year term, if you have a 30 year term explore the option to refinance on a 20 or 15 year home loan
Watch a video Here the learn more about this one of a kinda home loan program

Know your options before you stop making your mortgage payment, there are options available. There are still over 2 millions home owners 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 you to obtain a new more affordable and stable mortgage. I welcome to discuss your options of a HARP 2.0 home refinance at 909-503-5600.