When a conventional loan is not possible an Equity Based Loan can be the solution.

If you have Equity in your property you may qualify for a loan up to 70% Loan to Value. For Example, if you owe $550,000 and your home is worth a $1,000,000 you may qualify for a loan up to $700,000.

In most cases the homeowner has a 1st mortgage and in some cases a 2nd mortgage also. If you already have a 2nd mortgage you can refinance the 2nd mortgage with an Equity Based Loan or in some cases be approved for a 3rd mortgage.

If your property is in Foreclosure or there is a Trustee Sale an Equity Based Loan may allow you to reinstate your mortgage by paying off the past due amount.

Most Equity Based Loans will be for a term of 3 years. The payments will be interest only and amortized over 30 years.

Equity Based Loans will have Interest Rates ranging from 7.95% up to 12%.

Equity Based Loans are meant to be short-term solutions.

Poor Credit, a prior Bankruptcy, Self Employement are not a problem. Your property can either be Owner-occupied, a Rental or a Rehab.

The main qualification is Equity in the property and your ability to make the interest-only monthly payment.

Contact Us for More Information

Phone:
323-327-6829

Fax:
323-372-3855

Office hours:
Monday to Friday 9:00AM to 8:00PM PST. 
Saturday 10:00AM to 2:00PM PST.

To send an email please use the form below and a member of our Customer Care Team will respond to you right away.


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HARP II - Home Affordable Refinance Program for Underwater Borrowers

Program Deadline - December 31, 2018

HOME AFFORDABLE REFINANCE PROGRAM (HARP)
If you are current on your mortgage and have been unable to obtain a traditional refinance because the value of your home has declined, you may be eligible to refinance through HARP II. HARP II is designed to help you refinance into a new affordable, more stable mortgage. The HARP II loan is a new loan and will require a loan application and underwriting process. Loan refinance fees will apply.

Mortgage rates for the HARP II mortgage program are the same as for a “traditional” refinance. There is no “premium” for using the HARP II program. There are no loan-to-value restriction under the HARP II mortgage program so long as your new mortgage is a fixed rate loan with a term of 30 years or fewer.

Eligibility - You may be eligible to apply if you meet all of the following:

  • You have a mortgage owned or guaranteed by Fannie Mae or Freddie Mac.
  • You do not have an FHA, VA, Jumbo or USDA loan.
  • Your home loan must be paid on-time for the prior 6 months, and at least 11 of the most recent 12 months.
  • Your current mortgage must have a securitization date prior to June 1, 2009.
  • You have not refinance previously through the HARP I program
  • You can refinance via HARP II even if your current mortgage has private mortgage insurance or LPMI.
  • HARP II refinances are limited to your area's conforming loan limits. In most of California loan limits are from $417,000 to $625,500.
  • You have the ability to make the new payments.

Program Availability
The HARP II program is offered by many servicers. Homeowners should check with their mortgage servicer (the company to which homeowners make their mortgage payments) to determine if they are participating in HARP II. If their mortgage servicer is not participating, the homeowner may contact other lenders that participate in HARP II to determine if they are eligible for a refinance.

Steps to HARP II Refinance

  • Determine whether your mortgage is owned or guaranteed by Fannie Mae or Freddie Mac.
  • Go to Fannie Mae's mortgage lookup website to determine if Fannie Mae owns your loan – Click Here
  • If you do not have a Fannie Mae loan try Freddie Mac's mortgage lookup website – Click Here
  • Contact your current mortgage servicer or another that is approved by Fannie Mae or Freddie Mac to inquire about HARP II.
  • Compare rates and costs with additional mortgage companies to ensure best refinance terms.

Other Important Facts About HARP II

  • The HARP II mortgage program does not allow for cash out refinance.
  • You can refinance a second/vacation or investment/rental property with HARP II, even if the home was once your primary residence. The loan must meet typical program eligibility standards.
  • Condominiums can also be financed through HARP II. Warrantability standards still apply.
  • You can not consolidate mortgages with a HARP II refinance. It's for first liens only. Second mortgages are ignored as part of HARP II.
  • Closing costs can be included in the HARP II refinance.
  • Employment and income will not be verified has part of the HARP II refinance unless the new payment increases by more than 20 percent. There are no maximum income limits.
  • With a HARP II refinance a borrower on the mortgage can be removed so long as that person is also removed from the deed and has no ownership interest in the home.
  • There are no LLPAs for fixed-rare HARP II refinances with terms of 20 years or fewer.
  • There is no minimum credit score requirements with HARP II.
  • Closing costs for HARP II refinances are similar to typical mortgage refinances.
  • The HARP II program ends on January 1, 2014

HARP II is not meant to save a home from foreclosure. It's meant to give underwater homeowners who are current on their payments a chance to refinance without paying PMI. If you need foreclosure help, call us at 323-327-6829.

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