California HARP Lender: 888-409-4881
Fannie Mae and Freddie Mac have adopted changes to the Irvine, CA Home Affordable Refinance Program (HARP) and you may be eligible to take advantage of these changes.
If your California mortgage is owned or guaranteed by either Fannie Mae or Freddie Mac, you may be eligible to refinance your Irvine mortgage under the enhanced and expanded provisions of HARP.
The Irvine Home Affordable Refinance Program (HARP) is a streamline refinance program created to help eligible borrowers who have continued to make their mortgage payments, but may be unable to refinance over recent years due to a decline in their home value.
The HARP Program is for eligible loans that were closed prior to June 1, 2009, and HARP 2.0 guidelines are in affect until the program ends on December 31, 2015.
The most important change to the Home Affordable Refinance Program for homeowners who were underwater on their mortgages or had little equity and were bound by mortgage insurance challenges was the elimination of the equity requirement. This change could help as many as 4 – 7 million more homeowners get payment relief while taking advantage of the historically low interest rates. The belief is that homeowners will be able to add to an average savings of $3,500 a year and spend more on goods and services to directly impact the economy.
Is Your Loan Guaranteed By Fannie Mae or Freddie Mac?
We have included two simple loan lookup tools within this site with explanations about the process for determining if your loan is with either Fannie Mae or Freddie Mac.
Double check to make sure you entered your information accurately. ex: “St.” vs. “Street”
Was Your Loan Sold To Fannie Mae or Freddie Mac Before May 31, 2009?
This means that the lender you originated your loan with must have funded your loan with a the date listed on the Note before May 31, 2009.
If you are unsure, or are not finding the results that you like with either loan lookup tool mentioned above, please feel free to call us directly and speak with a real mortgage professional who can assist you. 888-409-4881
Are You Current On Your Irvine Mortgage Payments?
Current means that you are not more than 30 days late on this month’s mortgage payment.
For example, you would still be considered current if you sent the payment that was due on the first on the 10th or 15th instead.
Keep in mind that processing and underwriting turn-times on these new HARP deals can take anywhere from 3-5 weeks to close. So, please make this month’s mortgage payment vs. holding it in hopes that you can skip a couple of payments.
Is There Little Or No Equity In Your Irvine Home?
The HARP 2.0 guidelines have been changed to allow borrowers with high Loan-to-Value (LTV) ratios refinance their mortgages into lower rates.
Additionally, the mortgage insurance barriers have been removed, which means you can transfer MI between new lenders without it causing your loan to get denied.
So, this program is designed to help borrowers who owe more than 80% LTV on their mortgage.
For example, if your balance is $81,000 and your home is worth $100,000, then your LTV would be 81%. This also means that if your balance is $150,000 on a property worth $100,000 (150% LTV), you would still be eligible for HARP.
Have You Refinanced With Irvine HARP Before?
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.
What if I can’t make my mortgage payments with a new refinance?
If you are struggling to make your mortgage payments, or have lost your source of income, this is probably not the program for you. Instead, you may want to research other options for underwater homeowners, such as a loan modification, short sale or unemployment forbearance. You can find more information about other foreclosure prevention options at KnowYourOptions.com
CLICK HERE to submit a contact request online and we will have one licensed California HARP Approval Network member connect with you asap. You can also feel free to Call us directly @ 888-409-4881 for any questions about HARP loans.