It was just announced today that the San Diego Home Affordable Refinance Program (HARP) would be restructured in a way that will have a great benefit on San Diego Mortgage Refinances. The San Diego HARP program will no longer have the 125% Loan to Value ceiling it had for Refinances on fixed-rate mortgages backed by Fannie Mae and Freddie Mac. This is great news for San Diego homeowners and San Diego Mortgage Brokers.
Since the San Diego HARP program was introduced two years ago, I have helped many homeowners be able to Refinance in San Diego and throughout California in situations they would not normally be able to. I have linked two past success stories below that I blogged about where I used the San Diego HARP program to help underwater clients Refinance in San Diego.
Unfortunately, there are just as many homeowners that I have had to turn away from refinancing their San Diego Mortgage because their loan to value ratio was greater than 125%. Those homeowners will now be able to get their San Diego Refinance done.
There are a few other beneficial changes that are being made to the San Diego HARP program that will help with San Diego Refinances.
The HARP program will be eliminating certain risk-based fees for borrowers who refinance into shorter-term mortgages and lowering fees for other borrowers who refinance.
The San Diego Harp program will also be eliminating the need for a new property appraisal if there is a reliable AVM (automated valuation model) estimate provided by Fannie Mae or Freddie Mac. In addition, the termination date for HARP has been extended until December 31, 2013 for loans originally sold to the Fannie Mae or Freddie Mac on or before May 31, 2009.
As with any program that the government implements it will take some time for these changes to be implemented and not all lenders will agree to accept these new guidelines, but these changes coupled with the great interest rates that are still available make it a perfect time to start your San Diego Refinance. And remember that The Mortgage Planners offer some of the Best Mortgage Rates on San Diego Refinances when compared to other San Diego Mortgage Brokers or Lenders. You can start by getting your free interest rate quote HERE today!