HARP: Home Affordable Refinance Program

New guidelines mean more homeowners can qualify-- Apply Today!

While property values in San Diego and across Southern California have been on the rise there are still properties that have not achieved the kind of appreciation needed for a traditional refinance. However, for those hoping to lower their payments the HARP program may be for you!

The Home Affordable Refinance Program (HARP Phase II) is a government backed mortgage program that allows qualified borrowers with existing Fannie Mae and Freddie Mac loans to refinance their homes even if they owe more than their home is worth, have an adjustable rate mortgage, have been turned down for a refinance loan or loan modification in the past, or are facing financial hardship as the result of their current mortgage.

HARP Phase II’s goal is to help you stay in your home by making it more affordable for you to continue to make your monthly mortgage. We can help you qualify for the HARP Phase II program if we can show that it would result in you receiving one or more of the following benefits:
• A lower monthly mortgage principal and interest payment;
• A lower interest rate;
• A shorter amortization term (a loan for fewer years); or
• A more stable mortgage product; for example, movement from an ARM to a
• fixed-rate mortgage.

So if you’re looking for a lower interest rate, a fixed mortgage, a lower payment, or a better mortgage then refinancing your home through HARP might be just the right answer for you.

How do I know if I’m eligible for HARP? With one phone call we can determine your eligibility. You may be eligible for HARP if you meet all of the following criteria:

• Your mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae.
• Your mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
• Your mortgage cannot have been refinanced under HARP 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% (even if you owe more than twice what your home is worth you can still qualify).
• You must be current on the mortgage at the time of the refinance, with a good payment history in the past 12 months.

If you want to refinance your home, whether though the HARP Program or another program call Metro Express Today at 619-542-7744.

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