California HARP 2 Refinance

California HARP 2 refinance

Millions of American homeowners will benefit from this program and save thousands and thousands of dollars. 

Fannie Mae & Freddie Mac have revised the HARP 1 loan programs and have lifted the loan-to-value requirements

If you're current on your mortgage payments and have been unable to get traditional refinancing because the value of your home has declined, you may be eligible to refinance through the Home Affordable Refinance Program (HARP).


HARP 2 is designed to help you get a new, more affordable, more stable mortgage. HARP refinance loans have some guidelines and many lenders have overlays (see below for more details)
You may be eligible for HARP if you meet all of the following criteria:
  • The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae.
  • 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 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 a good payment history in the past 12 months.
There is no appraisal necessary in most cases.

Here are some FAQ's about HARP 2

1. How much can I save by refinancing under the HARP 2 program.  

The savings will vary depending on how big your loan is, but my average customer sees monthly savings between $250 - $750 per month.  

2. Will I need an appraisal?

The vast majority of homeowners under the California HARP 2 program will not require an appraisal.  However, if an appraisal is required, you must receive an "approve / eligible" by Fannie Mae's automated underwriting system.  Otherwise, it's very difficult to get approved.  If you're in this category, I have a solution.  

3. What if I've had a short sale, bankruptcy, or foreclosure recently?

Fannie Mae does impose the typical waiting periods for these types of derogatory issues.  If you've had a short sale that is more than 2 years old, there is still a chance you will qualify for the California HARP 2 program.  A bankruptcy will require at least 4 years and a foreclosure will require 7 years.

4. What are the interest rates on these programs?

The rates vary depending on several factors.  We have access to some of the lowest rates in the industry and the savings from the California HARP 2 refinance program is substantial.  

5. Does this program apply to only my primary residence?

No, this program can be used for primary residences, 2nd homes and investment properties. 

6. Is it possible to consolidate my 2nd (or 3rd) mortgage(s)?

No, unfortunately this program is strictly for 1st mortgages only.  But we can subordinate other loans against your home.  

7. What are the costs for the California HARP 2 program?

The costs are typically less than that of a standard refinance and there are ways to structure a no cost HARP 2 refinance.  Like rates, the costs can vary greatly from zero to thousands of dollars.  There is not a "one size fits all" and it's important to look at several options.

Justin Lees
at 916-276-7618 to see if you qualify. 



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