The Harp 2 Refinance Program allows homeowners to refinance without any loan-to-value restriction. The program is slated to expire December 31, 2013, so if you qualify, start the process now.

Despite what your current mortgage lender will tell you or what you might hear in the media, the program does have debt to income requirements as well as a minimum credit score requirement.

Minimum debt to income ratios

primary residence-are limited to 55%

second homes-are limited to 50%

investment property using rental income to offset the mortgage payment-45%

investment property not using rental income to qualify-50%

minimum credit score for the program

Whether your loan is owned by Fannie Mae or by Freddie Mac, the minimal credit score required for the program is 620.

*Mortgage Tip: because lenders continue to tighten guidelines, as more financial oversight is being sought, then the whole credit score requirement will likely rise over time. Put another way, if you have a credit blemish or some sort of credit obligation that is preventing you from qualifying now, fix it. The trade-off? Saving a substantial amount of money on a new fixed rate mortgage with an interest rate at, near or in the range of 4%.

You can learn more about Santa Rosa Harp 2 Refinance Loans or start by getting qualified for a mortgage loan today.