Orange County HARP Program

New changes to the previously ineffective HARP Program were announced on October 24th, 2011. The HARP program, originally announced in 2009, as part of the Home Affordable Program was designed to allow property owners who lacked the typical 20% equity requirement to refinance into a new loan. The HARP Program is not a loan modification program. The HARP Program is a refinance program.
The HARP Program was not widely utilized from 2009 through the late 2011 changes. The criticism of the HARP Program throughout its first phase, was that the program created too small of a box for most property owners to fit into. The HARP Program originally capped the loan to value at either 105% or 125%, depending on where the property was located. For example, under the original HARP Program, if an owner owed $500k on their loan and their property dropped below $400k they became too far upside down to utilize the program.   The result was that most owners that the HARP Program was designed to assist, were unable to be assisted by the HARP Program. Borrowers in harder hit areas, Orange County or the Inland Empire were mostly locked out of the original HARP Program.
The new changes to the Orange County HARP Program include a removal of the loan to value limit that previously hindered the effectiveness of the program. Going forward, once the new changes have been implemented early in 2012 any borrower that meets the other criteria of the HARP program will be able to use refinance their Fannie Mae or Freddie Mac mortgages regardless of how much they may be upside down.
Here are other major guidelines of the HARP Program:
 
·               -Extended through December 31st, 2013
·               -Does NOT have to be a primary residence! This is one of the few programs available for 2nd homes and rental properties (as long as it is a 1-4 unit residential property)
·               -Must be a Fannie Mae or Freddie Mac owned loan. If you are not sure if your loan is owned by Fannie Mae or Freddie Mac please contact me for assistance in researching
·               -Loan must have been  been originated prior to May 31st, 2009
 
The new changes to the HARP Program are supposed to be implemented sometime between December 1st and January 31st , depending on the loan servicer. If you feel that you might be eligible for the HARP Program under the new guidelines and would like to learn more about refinancing your loan into today’s super low rates, please call me at 714-989-6176 or contact me by email.  I  will go over your individual circumstances with you and put you in touch with a HARP Program lender based on your current scenario.

This page is for:
Yorba Linda HARP Program
Anaheim Hills HARP Program
Placentia HARP Program
Surrounding Orange County HARP Program
Riverside County HARP Program
San Bernardino HARP Program