An Orange County Mortgage Banker is now able to help underwater homeowners refinance their homes for a lower interest rate and monthly mortgage payment through the Home Affordable Refinance Program(HARP).

The updates to the government's HARP program, termed HARP 2.0, helps homeowners, that were previously unable to refinance due to loan to value guidelines, take advantage of today's low interest rates. Due to the decline in real estate values, many homeowners that purchased homes at higher prices, at a time of higher interest rates, found themselves owing more than their home is worth, with a loan to value greater than 80%, and unable to refinance to reduce their interest rate and payments.

New American Funding, under the new HARP 2.0 guidelines, will offer homeowners whose mortgage is owned, or guaranteed by Fannie Mae or Freddie Mac, are current on their mortgage with no late payments in the last six months and have no more than one late payment in the last 12 months, whose mortgage was originated prior to May 31st, 2009 and have a loan to value greater than 80%, the ability to refinance for a better interest rate, and ultimately, a lower monthly mortgage payment.

Borrowers are not required to use their original lender, but rather can search for the best refinance interest rates available through any mortgage lender participating in the HARP 2.0 program, such as New American Funding. There is no equity and no appraisal required on HARP 2.0 refinances.

About New American Funding

New American Funding is a Fannie Mae Seller/Servicer, FHA Direct Endorsement – HUD Approved, and VA Automatic mortgage lender with over 400 employees. The company is licensed in 21 states across the nation and offers a variety of home loan options, including HARP, FHA, Conventional, VA, Jumbo and Reverse Mortgages.