Michael Mullin

HARP 2.0

President Obama’s Refinance Program Helping WA and CA Homeowners Lower Their Mortgage Payments.

Everyone is talking about President Obama’s announced changes to the Making Home Affordable Refinance Program (HARP)Many home owners have not been able to take advantage of the low mortgage rates because their loan balance exceeded the liberal 125% of appraised value allowed under HARP.

HARP II has amended the original program in some incredibly beneficial ways for home owners:

  • UNLIMITED LTV – Eligible home owners can refinance a first mortgage no matter how far upside down the home is.
  • REDUCED COSTS – Some of the fees associated with HARP are to be reduced or eliminated, possibly saving $2,000 or more.
  • APPRAISALS WAIVED – If sufficient data about your property exists the appraisal report will not be necessary. That alone is a cost savings of around $450

Quick Eligibility Check (complete the form on the right and we’ll let you know if you are eligible within 24 hours):

  • 1st mortgage owned by Fannie Mae or Freddie Mac (we can look this up for you)
  • NO late mortgage payments within the previous 6 months
  • NO MORE THAN 1 late mortgage payment within the past 12 months
  • 2nd mortgages must agree to go back in 2nd position


  • Complete the Eligibility Worksheet on the right. This is NOT a loan application and will only take a few minutes to complete.


  • Call (509) 252-9151.  The info we need to determine your eligibility will only take about 5 minutes to get over the phone.

This program is NOT mandatory for lenders to offer to the public so there will be an inconsistent roll out by banks and lenders.  As a mortgage broker/banker I still have the ability to direct your loan to the lender offering the most flexible guidelines of HARP II.