Complete HomeÂ Affordable Refinance Program (HARP and HARP 2.0) Guidelines andÂ Qualifications
TheÂ Home Affordable Refinance ProgramÂ (HARP) wasÂ created to help underwater homeowners whose loans were guaranteed be FannieÂ Mae or Freddie Mac to be able to refinance at todayâs current low interestÂ rates. This loan program is also known as theÂ ObamaÂ Refinance ProgramÂ and the Underwater Homeowners RefinanceÂ Program.
The 8 GuidelinesÂ that must be met in order forÂ a home owner to be eligible to refinance under the HARP 2.0Â Program:
- The homeÂ owners current mortgage must have been purchase or guaranteed by Fannie Mae or Freddie Mac before June 1, 2009.
- The existing home mortgage cannot have been previously refinancedÂ using the HARP Program.
- The newly refinanced HARP mortgage must provide aÂ âbenefitâ to the home owner that includes: a lower interest rate, aÂ lower payment and interest rate, a shorter mortgage term (15 yr. vs. 30 yr.),Â or a change from an interest only or adjustable rate loan to a fixed rateÂ loan.
- The mortgageÂ holder will still need to provide employment verification.
- All typeÂ of property are eligible toÂ be refinanced under HARP: condos, townhomes, single family homes,Â even attached multi family between 1-4 units.
- Both owner occupied and investment properties are qualified to refinanceÂ using HARP.
- The new HARP mortgage loan willÂ have to meet the conforming loan limits up to $625,000 depending on your county.
- HARP is now extended through 2015
Summary of the majorÂ changes from the first HARP to the HARP 2.0 Program:
- No underwaterÂ limits.
- Borrowers will now be able to refinance regardless of howÂ far their homes have fallen in value. Previous loan-to-value limits were set atÂ 125 percent.
- Eliminating appraisals and underwriting
- Most homeowners will not have to get an appraisal or have their loanÂ underwritten, making their refinance process smoother and faster.
- Modified fees
- Certain risk-based fees for borrowers who refi intoshorter-term loans will either be eliminated or modified.
- ExtendedÂ deadline
Latest HARP Loan News 2014
Do You Think You Have a Loan Backed by Fannie Mae or Freddie Mac but Canât Find It?
Underwater homeowners who are feverishly looking for ways to refinance their home now have the opportunity to do this through the HARP Mortgage program.Â The first step in determining eligibility is to see whether or not your loan is owned by Fannie Mae or Freddie Mac.
You can check on our site or go directly toÂ 2673451581Â andÂ Freddieâs website.Â Like many things in life, these databases are not perfect.Â You may checked your property address against Fannie Mae and Freddie Macâs databases, and were unable to find a match.
What could you do with an extra $337.91 per month?
Could use use more money every month for anything? Of course, you could. Itâs a a rhetorical questionÂ for most people in this country. While itâs not meant to be cheezy or insulting, the question is really posed to help you take action with your families financial well being and save money on your home mortgage.
There are a couple very, very good government sponsored chrysocolla programs available right now to homeownersÂ that despite heavy publicity as still not being taken advantage of by manyÂ people who can benefit from them simply because they are not aware thatÂ they existed.
(Click to READ MORE…)
Should I wait to refinanceThere is so much hype about Mel Watts being the new regulator of Federal Housing Finance Agency (FHFA) and the potential of him promoting a new HARP 3 program that many homeowners who are under water and should be refinancing today are getting caught up thinking that HARP 3 will somehow get them a lower payment than the current HARP 2 program.
The fact of the matter is that any changes made to the HARP program will only effect who qualifies and never effect your interest rate or monthly payment.
4 Easy Steps to Getting a HARP Loan
Most homeowners who are upside down on their mortgage are not aware how simple it is to refinance their home under the HARP program. Refinancing your home in the past used to be a lengthy and somewhat complicated process that more often than not would require $1000’s of dollars in various fees to get the loan closed.
Fortunately in today’s marketplace the entire process has been streamlined to 4 simple steps. The idea is to provide much needed relief in the shortest amount of time with the least out of pocket cost to the homeowner. Anyone who is has been considering refinancing their home should act sooner than later to ensure you receive an interest rate and payment that will make refinancing financially feasible.
Mortgage Division NMLS#412459
UNLIMITED LTV Loans with Fannie Mae/Freddie Mac which means that no matter how UNDERWATER you are, you are still eligible. Our team can also transfer all Mortgage Insurance companies.
We also have the ability to remove a borrower for any reason to qualify.
Click to see if Fannie Mae or Freddie Mac owns your loan:
Loan originated prior to June 1st 2009 and your loan is currently insured by Fannie Mae or Freddie Mac
Approximately 3 days depending on if an appraisal is required
You can check your HARP Eligibility on our site or you can go to Fannie Mae or Freddie Macâs website directly. For immediate response you can also call us at 888-709-4555