HARP 2.0 Unlimited LTV REFINANCE-
SAN DIEGO
SAN DIEGO - DO YOU OWE MORE THAN YOUR HOUSE IS WORTH OR YOU CAN’T REFINANCE?
Home Affordable Refinance Program HARP 2.0 Unlimited LTV REFINANCE
The HARP 2.0 Unlimited LTV Refinance program may help San Diego homeowners make payments more manageable. The program’s goal is to allow San Diego homeowners to refinance their loans, even if they owe more than their homes are currently worth. Millions of homeowners are in this predicament because their homes lost value in the bursting of the housing bubble.
With HARP 2.0 Unlimited LTV Refinance, San Diego homeowners can now lock into a lower rate and reduce the principal and interest of their monthly payments even with little or no equity.
Do I Qualify For This Program? Let’s Start With These Questions:
- The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae. Click here to see if it is.
- The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
- The mortgage cannot have been refinanced under HARP Refinance previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009.
- The current loan-to-value (LTV) ratio must be greater than 80%.
- The borrower must be current on the mortgage at the time of the refinance, with no late payment in the past six months and no more than one late payment in the past 12 months.
- You do NOT have to use your current servicer. Let me give you local, personalized service instead of dealing with someone off the internet or someone at one of the big banks where you’re just a number to them.
Here are some of the details:
MAXIMUM LTV AND LOAN AMOUNT FOR HARP 2.0 Refinance:
- LTV (loan-to-value) and CLTV is UNLIMITED Refinance for all Occupancies and all Property Types
- HARP 2.0 Unlimited LTV refinances are limited to your area’s conforming loan limits. In SAN DIEGO COUNTY, the current conforming loan limit for a single-family home is $546,250. In Orange County and Los Angeles County, the current conforming loan limit for a single-family home is $625,500. In San Bernardino County and Riverside County, the current conforming loan limit for a single-family home is $417,000. In Santa Barbara County, the current conforming loan limit for a single-family home is $625,500. For all other counties maximum loan amounts, please contact Derek and he will let you know what they are.
- Loan purpose is Rate and Term Refinance only; loan amount can include pre-paids and closing costs
ELIGIBLE OCCUPANCY AND PROPERTY TYPE FOR HARP 2.0 Unlimited LTV Refinance:
- Primary residence
- Second home
- Non-owner occupied
- 1-4 units
- Condos, PUDs, Manufactured homes
INELIGIBLE LOANS FOR HARP 2.0 Unlimited LTV Refinance:
- Any loan currently in default
- Loans not owned by Fannie Mae or Freddie Mac
- Existing loan delivered to Fannie or Freddie on or after 6/01/2009
- Government loans – FHA, VA USDA
- Reverse mortgages
- 2nd position liens (ex. lines of credit)
NUMBER OF FINANCED PROPERTIES FOR HARP 2.0 Unlimited LTV Refinance:
- DU – no limit
- LP – no limit if loan is primary residence, max 4 properties if loan is 2nd home or investment property
NO MINIMUM CREDIT SCORE IS REQUIRED FOR HARP 2.0 Unlimited LTV Refinance!
- However, different investors will have different rules regarding credit scores. Most likely you will need a 620 score or higher. DU or LP will determine.
MORTGAGE HISTORY FOR HARP 2.0 Unlimited LTV Refinance:
- DU – must be current
- LP – 0×30 in last 6 months, 1×30 OK in last 7-12 months
MORTGAGE INSURANCE FOR HARP 2.0 Unlimited LTV Refinance:
- Existing loans with MI are eligible
- Your current MI company must reissue the current rate/policy
- If your current loan does not have mortgage insurance you will not be required to purchase it even if you don’t have the required 20% equity
MAIN HARP 2.0 Unlimited LTV Refinance QUESTIONS:
To see the main HARP 2.0 Unlimited LTV Refinance questions, please visit my website by clicking here
HARP 2.0 Unlimited LTV Refinance is only for mortgage loans owned by Fannie Mae or Freddie Mac. To see if your mortgage may be eligible for HARP 2.0, check these two sites first:
Fannie Mae HARP lookup: http://www.fanniemae.com/loanlookup/
Freddie Mac HARP lookup: https://ww3.freddiemac.com/corporate
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