California HARP 2017 and 2018
Home Affordable Refinance Program
The California Home Affordable Refinance Program (HARP) was created by the Federal Housing Finance Agency (FHFA) in March 2009 to allow those with a loan-to-value (LTV) ratio exceeding 80% to refinance without also paying for mortgage insurance. Originally, only those with an LTV of 105% could qualify. The California program been amended from its original guidelines to make it possible for even more borrowers to refinance with HARP. The California HARP loan is available throughout the state of California, from Ocean Beach to Black Beach and everything in between, including Half Moon Bay, Santa Cruz, Malibu, Huntington Beach, Newport Beach, Laguna Beach, Dana Point, and San Clemente.
Its expiration has been extended from September 30, 2017 through December 31, 2018.
California HARP Program Eligibility:
Your current loan
Must have a “Note” date prior to June 1, 2009 and be serviced by Fannie Mae or Freddie Mac – See loan look up tool below
Underwater – No Problem
It’s acceptable if the value of your home is currently less than what you owe.
No appraisals or underwriting
Most homeowners will not have to get an appraisal or have their loan underwritten, making their refinance process smoother and faster.
Streamlined Loan Process
Lenders now need less paperwork for income verification, and have the option of qualifying a borrower by documenting that the borrower has at least 12 months of mortgage payments in reserve.
Is your California mortgage owned by Fannie Mae or Freddie Mac?
Use their online tools to quickly find out, or call them toll-free:
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 California HARP 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.