Orange County FHA, VA & First Time Buyer Loan Information: HARP 2.0 Refinance Program for Orange County, CA Home Owners

My goal is to provide valuable information for home buyers, both First Time Buyers and Move Up Buyers. This information will be about loan programs such as FHA ,VA, Conventional Fannie Mae and Freddie Mac, Reverse Mortgages, and even Portfolio Jumbo programs. I will also touch on tax advantages of homeownership, Rent vs. Own analysis, and any other aspect of loans and home ownership that will be of interest to Orange County home buyers and homeowners.

HARP 2.0 Refinance Program for Orange County, CA Home Owners

Orange County, California homeowners who have not been able to refinance up until now because of low property values may be pleasantly surprised to learn about HARP 2.0. The Home Affordable Refinance Program, also known as HARP has been around for a few years. But with new upgrades to the program, more people will be able to benefit than ever.

Refinance Orange County Condo with HARP

Previous versions of HARP capped the amount of “negative equity” a borrower could have at 105% an 125% loan to value. HARP 2.0 now allows ANY loan to value. This means that if a homeowner bought a condo, for example in Laguna Niguel or Aliso Viejo, for $500,000 with a $400,000 loan, and now the condo is worth less than $300,000 (there are area of Orange County, especially with certain condo complexes where this happened), they can still refinance. Even better, the homeowner doesn’t need to still live in the home. It can be a rental. As long as payments are being made on time and the borrower qualifies, they will be able to refinance into a very low interest rate.

Not everyone who is upside down on their mortgage will qualify. The most important rule is that the loan needs to be owned by either Fannie Mae or Freddie Mac. Generally, Fannie Mae and Freddie Mac were not doing Stated Income or No Documentation loans. So an Orange County homeowner who bought their home with a Stated Income loan in 2007 probably does not have a Fannie Mae or Freddie Mac owned loan. Also, neither Fannie nor Freddie ever did negatively amortizing loans. So if you started with a 1% interest rate, and your loan amount went up rather than down, then you most likely do not have a Fannie Mae or Freddie Mac loan.

How Do I Figure out if my Orange County loan is Fannie Mae or Freddie Mac?

Orange County homeowners can go to the Fannie Mae Lookup site or the Freddie Mac Lookup Site. By entering in basic property information, you will be able to determine whether your loan is owned by Fannie Mae or Freddie Mac. You an also contact a local Orange County HARP loan officer who can quickly check your loan ownership. If it turns out you do qualify, the loan officer should also be able to prepare a Side by Side analysis of your current loan as it compares to a new HARP 2.0 refinance. You will be able to refinance into either a 30 year fixed, or choose a shorter term. Many homeowners are finding that although they won’t achieve a lower monthly payment by choosing a 20 year or 15 year fixed program, the interest rate is so low, especially on the 15 year fixed, that the actual interest savings over the life of the loan are too much to pass up. Having your home paid off in 15 years, especially if you are hoping to retire in 15 years, is a great way to go.

Authored by Tim Storm, an Orange County, CA HARP Refinance Loan Officer MLO 223456– Please contact my office at Home Point Financial for more information about an Orange County, CA Mortgage. 949-829-1846.

Contact us for your Orange County HARP Refinance:

949-829-1846 | tstorm (at)


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Comment balloon 3 commentsTim Storm • March 17 2012 02:27PM


Tim ... I hope the HARP government sponsored refi program works - gives benefit for homeowners who can qualify and make the payments - and does not give false hope to those who are so far underwater that they have no reasonable possibility of digging out in five years.

Posted by Harrison K. Long, REALTOR , GRI, Broker associate, Attorney (HomeSmart, Evergreen Realty) over 6 years ago

Harrison...So far this version of HARP seems to be delivering. I've gotten approvals for clients who are at 233% loan to value. Depnding on whether the loan is a Fannie Mae or Freddie Mac, some borrowers may need to go with a shorter term, like a 20 year fixed, in order to refinance.

Posted by Tim Storm, Orange County FHA and VA Home Loan Specialist (Home Point Financial) over 6 years ago

Thank you for sharing your blog; we need Real estate Professionals to share their comments and information regarding their markets and experiences. Thanks again from beautiful Colorado; Spring is here in the Rocky Mountains

Posted by James A. Browning, MRE REOCertified(R) SSCertified (Browning Real Estate School/REO Institute) over 6 years ago