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HARP 2.0 Loan Information

 

OneRay HOME PAGE LOAN REFINANCE APPLICATION Customer Portal
 
 

Home Affordable Refinance Program 2.0 is here!!

Get your application in right now.

HARP 2.0 REFINANCE:
A program approved by the US Congress in October 2011 that allows homeowners whose loans are owned or guaranteed by Freddie Mac or Fannie Mae to refinance without regard for the current value of their home. This means that even if you owe more than your home is worth, you can still refinance with no limit on how much more you owe compared to the value of your home. The previous HARP program was limited to loans of no more than 125% of a home's value but that limitation has gone away as of February 2012.
  Extended to 09/30/17

Available regardless of current value or loan balance.
 
QUALIFICATIONS:
  • Home can be 1 to 4 units and either owner occupied or investment property. Investment properties must evidence positive cash flow.
  • Your current 1st mortgage must be owned or guaranteed by FNMA or FHLMC before June 1, 2009. This does NOT mean that either of them is who you make payments to. You make monthly payment to your servicing company and they may or may not be the actual company that you owe your loan to. To find out if your loan is owned or guaranteed by FNMA or FHLMC, go to each of these websites and search the data bases for your home address.
  • PMI waived if currently not included. Any current PMI will be continued with the new loan, additional restrictions apply.
  • Any 2nd mortgage or HELOC must agree to subordinate. Payoff CANNOT be included in this refinance.
  • Credit must be generally good and depends on program guidelines. MINIMUM 620 credit score.
  • Appraisals are generally not required. Waivers are granted based upon automated underwriting property value.
  • Closing costs may be financed if new loan is 25 years or less.
  • Non-occupant coborrowers may be removed if remaining borrower is qualified.
  • Existing loan payment(s) must be current at closing.
  • Property cannot be listed for sale in the last year.

Click the application button above on the left or call today.