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HARP Refinance California

Mark Cappel
UpdatedApr 22, 2010

What are my options to refinance if my LTV is greater than 80%?

I owe $588K on my mortgage to CitiMortgage; and my house value is probably just a bit less than that. I can't refinance unless I put money in to bring down the LTV to 80%, which I can do but not sure I should. What are my options?

Editor's Note: President Obama announced changes to the HARP (Home Affordable Refinance Program) mortgage program. The new HARP has no loan-to-value cap, for a fixed-rate mortgage refinance, if your loan is owned or insured by Fannie Mae or Freddie Mac. This is a very big change from the old HARP where the maximum LTV was 125%. If you are looking to refinance a home with limited or no equity, make sure to look at HARP.

The Home Affordable Refinance Program (HARP) allows home owners to refinance their existing mortgages to current low interest rates. It is designed for homeowners who are current on their mortgage payments but are unable to refinance to a lower interest rate because their home values have decreased.

Homeowners may be eligible if their first mortgage does not exceed 125% of the current market value of the home. See the HARP Web site for a brief questionnaire to see if you qualify.

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