San Diego HARP Underwater Home Loan Refinance

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DataQuick based in San Diego released data from a study they began in October 2011. They indicate 6.7 million households may qualify under HARP 2.0 because of new loan to value ratio requirements. There is no longer a cap of 125% loan to value, the loan to value ratio is now unlimited. 13.8 million mortgages fall under HARP requirements based on LTV ratios. The 6.7 million loans have loan to values of 125% or more.

Core Logic reports around 11 million homeowners are upside down on their mortgage.

How do I qualify? Pay close attention to these guidelines. Many San Diego homeowners whom have false hope on saving their home have not analyzed the qualification guidelines and may need to begin a backup plan. As you continue to read the guidelines you will notice the amount of homeowners that will in actuality qualify diminish.

Your loan must be owned or guaranteed by Fannie Mae or Freddie Mac
Fannie Mae Lookup to see if your mortgage is owned by Fannie Mae Click Here
Freddie Mac Lookup to see if your mortgage is owned by Freddie Mac Click Here
Your mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31st 2009
Your loan to value must be greater than 80% loan to value. 80% is the floor
YOU MUST BE CURRENT AT THE TIME OF REFINANCE you can’t be behind on your mortgage for the previous 6 months
You can only refinance with HARP once. Therefore if you refinanced with HARP prior you are not elligible
You cannot have LPMI lender paid mortgage insurance
If you have a 2nd or 3rd mortgage, HELOC, or home equity line of credit they must agree to subordinate.
If you have a condo it must be warrantable. Many condo developments no longer qualify since the last time you purchased.
You cannot have more than 1, 30 day late payment in the past 12 months
Although there is no credit qualifying minimums an underwriter still has to approve your loan based on investor servicer overlay guidelines
As of 2/7/12 no principal reductions. Is it still worth it to keep your property?
San Diego County Loan Limits 1 unit maximum loan limit $546,250, 2 unit maximum loan limit $699,300, 3 unit maximum loan limit $845,300, 4 unit maximum loan limit $1,050,500

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