AccessBanc Mortgage Says HARP 2.0 Can Help Underwater California Homeowners

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The Bay Area’s premier mortgage broker highlights how HARP 2.0 changes can help owners of financially underwater California homes refinance their mortgages at today’s low interest rates.

“Loans Are Our Passion”

People with loans backed by Fannie Mae and Freddie Mac, who didn’t meet qualifications for HARP in the past, might qualify now thanks to this new underwriting system

According to Bay Area mortgage broker AccessBanc Mortgage, certain changes in the Home Affordable Refinance Program (HARP) can help homeowners with mortgages for more than the home’s current value take advantage of today’s historically low mortgage rates.

Introduced in 2009 under the Obama administration, HARP was designed to help homeowners who were up-to-date on their mortgage payments but still owed more than their homes’ worth obtain more affordable and stable mortgages.

The second version of HARP, known as HARP 2.0, was officially launched by Fannie Mae and Freddie Mac on March 17, 2012, and includes several revisions to the program that will benefit California homeowners looking to refinance, says AccessBanc Mortgage.

“One big change that is currently in process is the fine-tuning of Fannie Mae and Freddie Mac’s automated underwriting system, which the federal mortgage institution uses to electronically appraise home values and ultimately decide who gets approved for refinancing,” says AccessBanc Mortgage Principal Greg Erny.

“People with loans backed by Fannie Mae and Freddie Mac, who didn’t meet qualifications for HARP in the past, might qualify now thanks to this new underwriting system,” says Erny.

Perhaps the most significant change in HARP 2.0 is the elimination of loan-to-value (LTV) caps that were originally set at 125%. This cap meant that the balance owed on a mortgage could be no more than 25% greater than the value of the home, which prevented many homeowners in states where home values dropped dramatically–like California–from participating.

“Under HARP 2.0, there is no limit to how much a home’s value has dropped for the owner to qualify for a mortgage refinance,” says Erny. “So properties with a 400% LTV can now qualify for a fixed-rate loan of up to 30-years under HARP 2.0.”

HARP 2.0 also waives many requirements, like proof of income, proof of asset and minimum credit score. And as more and more lenders embrace HARP 2.0, and the kinks get worked out, consumers have more options when they shop around for the best mortgage interest rate.

“People who get turned down by one bank are smart to try a different one,” says Erny. “At AccessBanc Mortgage, we have contact with dozens of top lenders and can help you find a refinancing solution under HARP 2.0.”

Another important change in HARP 2.0, says Erny, is the ability for borrowers to refinance even if they have mortgage insurance.

“The original HARP did not allow borrowers to refinance if they had mortgage insurance,” explains Erny. “By changing this rule, tens of thousands of people will now have access to HARP.”

For more information about HARP 2.0, how to refinance a mortgage to today’s rates, or any of AccessBanc’s services, call (408) 514-5312 or visit

About AccessBanc
AccessBanc is a San Francisco Bay Area mortgage broker committed to offering the most seasoned, professional, and competent loan consulting talent available. Because AccessBanc Loan Consultants enjoy favorable lender terms, use state of the art technology, and apply innovative solutions to knowledgeably work the market, they can offer prospective borrowers extremely competitive mortgage rates and great service.

AccessBanc’s services include: refinance, home purchase, first-time homebuyers, conventional conforming loans, jumbo loans, second/vacation homes, investment/rental properties, pre-qualification and pre-approved letters, and home equity loans / lines of credit. From home refinance in Marin to first-time homebuyers in San Jose, AccessBanc’s carefully selected Loan Consultant Team can help Bay Area borrowers find the right loan.

AccessBanc Mortgage is a Real Estate Broker licensed by the California Department of Real Estate, License #00892684. NMLS #311147.

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Greg Erny
Access Banc Mortgage
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