The Home Affordable Refinance Program

Do you owe more on your home than it is worth?    Apply Now!

A government program (The Home Affordable Refinancing Program - HARP) allows you to refinance to a lower home loan rate even if your mortgage is larger than the value of your home.

The following guidelines will help you decide if you are eligible for refinancing.

  • Loan Eligibility;
    • Existing loan must have been purchased by Fannie Mae or Freddie Mac prior to June 1, 2009.
    • HARP loans are refinance loans with current LTV of 80% or greater.
    • Loan application must be on or after December 1, 2011
    • Loans must close by December 31, 2015.
  • Maximum Loan to Value Ratios
    • No maximum for fixed rate mortgages with terms up to 30 years.
    • 105% for fixed rate loans with terms greater than 30 years up to 40 years.
    • 105% for ARMs with initial fixed –rate periods greater than or equal to five years and terms up to 40 years.

Now is the time to refinance!

Crown has all types of home loan programs.
You can receive guidance and advice from
anexperienced loan officer.

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for a Free Refinance Consultation at

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Family Mortgage Insurance: Annual and Up-Front Mortgage Insurance Premium

  • Credit Underwriting:
    • Bankruptcy and Foreclosures – no waiting period or requirement to re-establish credit.
    • No mortgage delinquencies in the last 6 months and no more than one 30-day delinquency in months 7-12.
    • If payment increases by more than 20%;
      • Minimum representative credit score of 620.
      • Maximum DTI ratio of 45%
      • Verification of all sources of income is required.
      • Verification of assets required to close, if applicable.
    • If payment is not increasing by more than 20%;
      • No minimum representative credit score.
      • No maximum DTI Ratio.
      • Verification of sources of income.
      • Loans originated by the current servicer can be manually underwritten.
      • Loans originated by a lender other than the current servicer must be submitted thru DU.
  • Property
    • No appraisal required on loans originated by the current servicer.
    • DU may grant a property waiver. If so no appraisal is required.
    • An appraisal is required if the originating lender is not the current servicer and DU did not issue a property waiver.
    • All property types and occupancy statuses are acceptable.
  • PMI:
    • If the current loan being refinanced has PMI coverage the new loan must have the PMI insurance transferred to it or a new insurance policy obtained.
    • If the current loan being refinanced does not have PMI coverage, coverage is not required regardless of the new LTV.
  • Fees:
    • If the term is greater than 20 years and the LTV is above 80%, FNMA LLPA are capped at .75%
    • If the term is 20 years or less and the LTV is greater than 80%, No LLPA will be assessed.
    • All normal lender fees apply.
  1. An eligibility calculator can be found at makinghomeaffordable.gov
  2. You can get original loan information on the Fannie Mae website fanniemae.com/loanlookup

Still not sure? Talk to your Crown loan officer (708-857-1897) anytime about the details of this new refinance program and how it can help you reach your business goals.