Home Affordable Refinance Program

HARP allows underwater mortgage holders to take advantage of low mortgage rates and reduce monthly payment

The Home Affordable Refinance Program (HARP) makes refinance possible for underwater mortgage holders who are current on payments, but not able to qualify for a new interest rate because they owe more than their home is worth. The program was given two year extension from its December 31, 2013 end date, and will now run through the end of 2015. Read more here.

The housing crash caused many homeowners to fall into negative equity positions, which restricted them from refinancing to a more manageable mortgage. To allow owners to take advantage of the low mortgage rates, HARP was introduced by the Federal Housing Finance Agency (FHFA) and the Department of the Treasury in early 2009.

Since creation, HARP has gone through several iterations to make the program as effective as possible. The most recent renewal has extended the program through 2015.

 

The existing mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009. Homeowners can determine if they have a Fannie Mae or Freddie Mac loan by going to:

Or call us at 805.543.LOAN with any questions!

To qualify for HARP, the borrow must be:

  1. Able to demonstrate adequate income for mortgage payments and other expenses.
  2. Current on mortgage payments, with no late payment in the past six months and no more than one late payment in the past 12 months.

Other specifications

  • Cash Out: Not eligible
  • Credit Score: Determined by automated underwriting system
  • Debt-to-income ratio: 45 percent
  • Names on title must remain the same
  • HARP Program Extended through 2015 (Read More)

Further Reading (from the Refinance Page)

  • Refinance to reduce or eliminate mortgage insurance (Read more)
  • Cash-out refinance offers homeowners opportunity to make renovations (Read more)
  • VA streamline refinance… the easiest loan on the books (Read more)

Apply Now

Submit your loan application today! Track status and make modifications on-the-go. Easy, fast, and secure.

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We offer home loans / mortgages to the Central Coast and the entire state of California, including:

San Luis Obispo County:

Arroyo Grande, Atascadero, Avila Beach, Cambria, Cayucos, Creston, Grover Beach, Los Osos, Morro Bay, Nipomo, Oceano, Paso Robles, Pismo Beach, San Luis Obispo, San Miguel, San Simeon, Santa Margarita, Shandon, Templeton, and surrounding cities.

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