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I am the author of this blog and also a top-producing Loan Officer and CEO of InstaMortgage Inc, the fastest-growing mortgage company in America. All the advice is based on my experience of helping thousands of homebuyers and homeowners. We are a mortgage company and will help you with all your mortgage needs. Unlike lead generation websites, we do not sell your information to multiple lenders or third-party companies.

Guidelines Released for California New HARP 2 – Obama Government Refinance


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Fannie Mae and Freddie Mac today released the guidelines for the new expanded Home Affordable Refinance Program (HARP), also called Obama Government Refinance program. Here’s 8 things you need to know:

  1. The program starts on December 1st, 2011 and goes till December 31st, 2013.
  2. The loan must be currently owned/serviced by Fannie Mae or Freddie Mac. Go here to find if your loan qualifies.
  3. The loan must have closed before June 2009.
  4. The program allows for unlimited LTV (Loan to Value Ratio). What that means is that it does not matter how much underwater you are on your mortgage, you may still qualify. This applies to loans with fixed rate mortgages with terms up to 30 years.
  5. You can not have any late mortgage payments in last 6 months and no more than 1 late payment between 7-12 months.
  6. You must receive a benefit in form of reduced mortgage payment or a more stable loan product like moving from ARM to a Fixed rate mortgage.
  7. Property currently listed for sale are eligible for the new HARP.
  8. You do not need to use your current servicer and can use any lender that offers this program which includes us.

Disclaimer – These are the official Fannie Mae/Freddie Mac guidelines. The lenders may have their own guidelines, called “overlays” where they may not allow some of the provisions of these guidelines.

Contact us at 408.615.0655 or [email protected] so that we can guide you in the right direction. And should you qualify we can offer a no closing cost loan option with industry leading customer service.