HARP 2.0 (Home Affordable Refinance Program) is the right option for you if you are underwater on your loan or have been unable to refinance your home loan because your home value has dropped.
5Star Lending is a trusted California HARP refinance lender helping many with HARP 2.0. We know you will have many questions in mind before applying for Home Affordable Refinance Program. We will provide you answers to any questions you may have before thinking of this refinance option.
Listed below are some of the questions that you may have related to HARP 2.0.
What is HARP 2.0?
HARP 2.0, also known as the Making Home Affordable program, was designed to offer homeowners a chance to refinance without paying private mortgage insurance, but not to avoid foreclosure. The program is available for investment properties, condominiums and vacation home refinancing.
The objective of the refinance effort, as announced by the president, is “to provide access to low-cost refinancing for responsible homeowners suffering from falling home prices.” This refinancing option can put borrowers in a better position by reducing their monthly principal and interest payments.
How can I apply?
It is quite easy to apply. All you need to do is to submit a loan application and we, as your California HARP refinance lender will get in touch with you soon to walk you through the entire process.
Am I eligible for HARP 2.0?
You can qualify to refinance under HARP 2.0 if you fulfill the following requirements:
- Mortgage was sold to Fannie Mae or Freddie Mac on or before May 31, 2009
- Must be current on the mortgage with no late payments in the past 6 months
- Current Loan to Value is greater than 80 percent
- Only one HARP refinance per mortgage allowed
In case you don’t know who currently funds your loan, you can look it up here
How much can I refinance?
Your HARP 2.0 limit is usually determined by your city’s limit for a Jumbo Mortgage, which is typically $417,000.
How much will I save?
You can use our mortgage refinancing calculator to determine how much you will save by refinancing with HARP 2.0.
What are the HARP 2.0 closing costs?
HARP 2.0 closing costs are considerably lower than the first Home Affordable Refinance Program, but they will differ based on your current financial position, the market, and which state your loan is in. There is also no appraisal fee with refinancing with HARP 2.0, which could save you as much as $500.
What is the HARP 2.0 expiration date?
HARP 2.0 was extended to December 31, 2016 while Congress debates HARP 3.0, giving you more than 2 years to refinance for a lower mortgage rate.
Get in touch with 5Star Lending, one of the best California HARP refinance lenders to know more about Home Affordable Refinance Program.