California HARP Replacement Loan
Home Affordable Refinance Program
The Home Affordable Refinance Program (HARP) expired on December 31, 2018. FHFA has confirmed that a new HARP-like program will open up to homeowners starting January 1, 2019. The new loan program eliminates the requirement that the loan must have been opened on or before May 31, 2009. Instead, the loan note date must be on or after October 1, 2017. This program is designed as a HARP replacement.
Guidelines for the new program, according to FHFA, are as follows:
- The loan being refinanced must be owned by Fannie Mae or Freddie Mac
- The refinance must provide a benefit to the borrower, such as a lower rate, payment, or shorter loan term
- An LTV of 95% or greater, and can be more than 100% of the home’s value
- At least 15 months have passed between the original note date and the refinance loan’s note date
- No missed payments in previous six months
- No more than one missed payment in previous 12 months
- You can use the program more than once as long as at least 15 months have passed between refinances
- HARP mortgage holders are not eligible
- Homeowners who have had a HARP mortgage, but have since refinanced out of it, are eligible
Starting April 2019, it is worth checking your standard HARP-like eligibility to take advantage of home payment savings now.
Loan Look-up Tool
Call: 800-7FANNIE (8 am to 8 pm ET)
Loan Look-up Tool
Call: 800-FREDDIE (8 am to 8 pm ET)
If you have been turned down before, call us to see if you qualify for the significantly enhanced Orange County, California 2019 HARP-like program.
HARP has been modified several times since it was launched in 2009. The program now requires less documentation and has less restrictive guidelines, all designed to approve more loans.
Contact Us About Refinancing!