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What is HARP?First established in 2009, HARP (Home Affordable Refinance Program) was initiated as an option for underwater homeowners in Santa Clara County and rest of the country wanting to refinance their mortgage at lower interest rates with government expectations that it would assist millions of homeowners who found themselves owing more on their mortgages than what their homes were worth.HARP is known by several names, including:

• • Obama Government Refinance Program
• • Fannie Mae DU Refi Plus
• • Freddie Mac Open Access
• • Refinance for Underwater Mortgages
• • Upside Down Refinance

Up until now, HARP has fallen short of these expectations – prompting the government to relax eligibility requirements in an effort to help more people stave off foreclosure. Billed as HARP 2.0, the government has extended the program until December 31, 2013 and set out new guidelines for those wishing to apply. Why HARP 1.0 didn’t work and why the HARP 2.0 was launched?One of the biggest criticisms of the original plan was that in order to qualify, homeowner’s loan-to-value ratio was required to be less than 125%, automatically ruling out millions whose home value fell below that figure. This requirement has now been relaxed with HARP 2.0.You must meet these basic guidelines to qualify for the new Santa Clara County Home Affordable Refinance Program (HARP):

• Your loan must be owned or serviced by Fannie Mae or Freddie Mac. ”Find out here if it is”
• Your loan must have closed before May 2009.
• You must have had no late mortgage payments in the past six months and no more than one late payment in the past 7-12 months.
• However, if you do not meet this criteria, we may still be able to help you qualify for the California Home Affordable Refinance Program. Ask us how.
• There are no specific requirements about minimum equity level in your house or documentation of income, assets or employment. So, you may qualify even if you are upside down on your mortgage and are not currently employed.

Download a free ebook or contact us if you want to find out about your options if you are underwater on your mortgage.