HARP loans are available if you loan is currently owned by Fannie Mae of Freddie Mac. This is different than who you send your payment to. Most mortgages in America are owned by one of these 2 agencies and the homeowner doesn’t even realize it. A mortgage professional can tell you if your loan is eligible.
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Any lender already set up to do Fannie Mae and Freddie Mac loans can do a HARP loan, despite where the original loan was completed. In fact, you’ll probably get a better rate by shopping around. Shop around for a HARP-alternative program rate by completing one short online form.
Different documentation requirements apply if you are self-employed. Duffy writes on his blog that most homeowners use HARP to get a new 30-year, fixed-rate mortgage with a lower interest rate,
If your loan meets these criteria, you could be eligible for HARP: Your loan must be owned or backed by Fannie Mae or Freddie Mac. Your loan must have closed on or before May 31, 2009. You must have a good history of keeping up with your mortgage payments.
The HARP Basics The program will allow you to refinance as long as your loan is owned by Fannie Mae or Freddie Mac and was originated on or before May 31, 2009. The other financial requirements are.
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. of Fannie and Freddie-backed loans occurred under HARP. Of the loans refinanced under the program that month, 25 percent had a loan-to-value ratio of greater than 125 percent. eligibility for the.
Additionally, there is a loan age requirement for the new programs that didn’t exist under HARP. Fannie Mae and Freddie Mac require underwater loans to be at least 15 months old before they can.
In order to qualify for HARP you will need to have a mortgage loan that is owned by Fannie Mae or Freddie Mac. If you have an FHA loan, VA loan, or any other. 8 Eligibility Requirements for HARP (Home Affordable. – As with any loan, a refinance loan will require the borrower to meet certain eligibility requirements such as credit score or income.
The Home Affordable Refinance Program, or HARP, expires Dec.. If you haven't refinanced yet, you may qualify for HARP through these.