Bakersfield, CA -- (SBWIRE) -- 07/12/2012 -- In October 2011, Fannie Mae and Freddie Mac along with the Federal Housing Finance Agency (FHFA) announced modifications to the Home Affordable Refinance Program to make it easier for lenders to refinance mortgages in California that are HARP Eligible.
The Home Affordable Refinance Program is a financial aid program announced by the US federal government in 2009 to help millions of homeowners who are either near-underwater or underwater (means you have zero - or even negative - equity in your home) to refinance into a fixed loan with lower monthly payments.
With the changes announced to the HARP eligibility guidelines (now called HARP 2.0), more and more homeowners are now eligible to refinance at lower interest rates.
The elimination of the 125% loan-to-value for fixed rate Freddie Mac or Fannie Mae mortgages and the exclusion of appraisals for new properties where there is already a reliable Automated Valuation Model or AVM are two such major changes that help make more people eligible.
The goal of the newly modified HARP 2.0 Program is to help stabilize the real estate market and encourage more people to buy homes on loans.
You May Be Eligible For A HARP Refinance If:
1) Fannie Mae or Freddie Mac owned or guaranteed your home loan.
2) Your loan was sold to Fannie Mae or Freddie Mac before May 31, 2009.
3) Your mortgage has not already been refinanced through HARP in the past, unless it happens to be a Fannie Mae loan that underwent a HARP refinance between March and May 2009.
4) You owe more than your home is worth, or is there minimal equity in your home.
5) You have been current on your mortgage for the last six months.
6) You have no more than one late payment over the past 12 months.
7) Your loan is not a USDA, FHA or Jumbo Mortgage.
Call Brandi Bryan at 661-332-2074 or visit our HARP Refinance Center and fill out our Quick 1 Step Eligibility Form to see if you qualify for this new program.
For Answers to Your HARP Questions: http://brandibryan.net