No Equity? – Still want to Refinance

Homeowners with little or no equity in their homes still have time to take advantage of the Government’s Home Affordable Refinance Program.

The HARP program is designed for borrowers with underwater mortgages but who are otherwise qualified and responsible borrowers.  This program allows borrowers to refinance their primary residences up to 105% loan to value and in some cases a second lien up to 125% loan-to-value. Investment properties are eligible up to 90% first lien loan-to-value, with a second lien allowable up to 105%.

To be eligible for this program your loan must be held by Freddie Mac or Fannie Mae. The majority of mortgage loans are held by one of these organizations so this program is available to most borrowers.

This program offers the following benefits:

  • Historically low interest rates
  • Streamlined process with less paperwork than traditional loans
  • No minimum credit score needed (but you must be current on your mortgage payments)
  • No out of Pocket Costs… All closing costs can be rolled into the loan
  • No appraisal required (in most cases)
  • No mortgage Insurance (provided that your current loan does not have MI)

To find out if you are eligible for this refinance program, check to see if you loan is owned by Fannie Mae or Freddie Mac.  Just type your address in to the following sites:

If your home is listed on either site, contact Jay Hurst at to get started on your refinance.

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