How To Qualify For California Home Affordable Refinance Program (HARP)?

Mortgage and Lending with Arcus Lending NMLS 8176

Fannie Mae and Freddie Mac recently released the guidelines for the new expanded California Home Affordable Refinance Program (HARP), also called Obama Government Refinance program. Here's 7 things you need to know:

  1. The program starts on December 1st, 2011 and goes till December 31st, 2013. Most of the lenders are however, doing a full launch on March 19th, 2012.
  2. The loan must be currently owned/serviced by Fannie Mae or Freddie Mac. Go here to find if your loan qualifies.
  3. The loan must have closed and sold to Fannie Mae/Freddie Mac before June 2009.
  4. The program allows for unlimited LTV (Loan to Value Ratio) on California homes. What that means is that it does not matter how much upside down you are on your mortgage, you may still qualify. This applies to loans with fixed rate mortgages with terms up to 30 years.
  5. You can not have any late mortgage payments in last 6 months and no more than 1 late payment between 7-12 months. However, if you are currently late you can wait for 6 months without any further default and you may still qualify.
  6. Property currently listed for sale are eligible for the new California Home Affordable Refinance Program (HARP).
  7. You do not need to use your current servicer and can use any lender that offers this program. We are a California HARP approved lender. 
In 60 Seconds find out if you qualify for a California HARP Refinance.

Disclaimer - These are the official Fannie Mae/Freddie Mac guidelines. The lenders may have their own guidelines, called "overlays" where they may not allow some of the provisions of these guidelines.

Contact us at 408.615.0655 or so that we can guide you in the right direction. And should you qualify we can offer a no closing cost loan option with industry leading customer service. Go here to get a California HARP Rate Quote.

Posted by


Shashank Shekhar

Mortgage Broker/Banker | San Jose, CA

(408) 615-0655 |

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Comments (2)

MichelleCherie Carr Crowe .Just Call. 408-252-8900
Get Results Team...Just Call (408) 252-8900! . DRE #00901962 . Licensed to Sell since 1985 . Altas Realty - San Jose, CA
Family Helping Families Buy & Sell Homes 40+ Years

Thanks for a concise listing of the details on this.

Mar 18, 2012 05:44 PM
James A. Browning
Browning Real Estate School/REO Institute - International, IT
MRE REOCertified(R) SSCertified

Thank you for sharing your blog; we need Real estate Professionals to share their comments and information regarding their markets and experiences. Thanks again from beautiful Colorado; Spring is here in the Rocky Mountains

May 07, 2012 02:36 AM