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The Home Affordable Refinance Program was started in April 2009. Also called Making the Home Affordable
Program. HARP was designed to help homeowners who otherwise wouldn't qualify refinance to a lower rate and
make their payments more affordable. There is now a new revised program called HARP 2 that offers even more
advantages to homeowners whose mortgages are underwater.
In order to be eligible for the President Obama HARP refinance program :
- Your loan must be backed by Fannie Mae or Freddie Mac.
- Your current mortgage must have been obtained prior to June 1, 2009
- You must be current in your monthly mortgage payments.
- You may not have used the HARP mortgage program before ( only one HARP refinance per mortgage is
- There are no minimum or maximum income limits.
- No minimum FICO score required but borrower must qualify based on customary underwriting standards.
We can help out obtaining that info. Just provide us with the address of the property and other info needed and we will
- How do I know if Fannie Mae or Freddie Mac has my mortgage?
find out for you. There are also some websites where you can look it up yourself.
Contact your lender and schedule an appointment to fill out the application.
- My mortgage is held by Fannie/Freddie. What's the next step?
If neither Fannie nor Freddie has record of your mortgage, your loan is not HARP-eligible. However, you may still be
- What if neither Fannie Mae nor Freddie Mac has a record of my mortgage?
eligible for a different type of refinance to lower your monthly payment. Please contact your lender to see your
possible refinance options.
No. You must be current on your mortgage to refinance via HARP.
- Am I eligible for the Home Affordable Refinance Program if I'm behind on my mortgage?
No, that's one of the best points of this programs. No income qualification is required unless the new principal +
- Should I worry about my income level to be eligible for a HARP refinance?
interest payment increases by more than 20%. If the new payment increases by less than 20%, or falls, there is no
need to consider your income for this program. Notice: that this may differ from lender to lender, so it's always wise to
consult your mortgage professional about this requirement.
The HARP program was created to give homeowners who are current on their mortgages, and who have lost home
- Will the Home Affordable Refinance Program help me avoid foreclosure?
equity, a chance to refinance at today's low mortgage rates If you are having budget problems you may sooner or later
face a foreclosure. By lowering your payment, you will have payments that are more accesible to you, therefore in a
way you can say it may prevent you from a possible default. Although, you should know that the Home Affordable
Refinance Program is not designed to delay or stop a foreclosure procedure once it's been initiated.
The good news is that regardless of how far underwater your home is, you are eligible for the HARP program.
- Is there a loan-to-value restriction for HARP?
Contact your lender to start your application today. No matter how much underwater you are, there are no equity
restrictions for fixed rates with this program. Homeowners in Florida, California, Arizona and Nevada can take
advantage of it. The only time HARP program is limited to 105% loan-to-value is when you use a variable (ARM) rate.
Fixed rate loans get the unlimited loan-to-value treatment. * Remember, rules change all the time, it's always best to
consult your lender for any change on this
The lenders will run an "automated valuation model" (AVM) instead of a regular appraisal.
- Will my home require an appraisal with the HARP program?
No, you cannot use the HARP 2.0 program for an FHA loan. If your current mortgage is backed by the FHA, and your
- I have an FHA mortgage. Can I use the HARP 2.0 program?
home is underwater, use the FHA Streamline Refinance program instead. Other types of mortgages you may have
that DO NOT qualify for HARP 2 refinance are USDA loans, VA loans or Ginnie Mae programs.
No, you can do a HARP refinance with any participating mortgage lender.
- Do I have to HARP refinance with my current mortgage lender?
No, the HARP mortgage program doesn't allow cash out refinance. You can only get a new rate and term loan.
- Can I do a cash-out refinances with HARP?
Yes, you can refinance an second/vacation or investment property with HARP, even if the home was once your
- Can I refinance a second/vacation home, condominium or investment property with HARP?
primary residence. The loan must meet the program eligibility standards.
No, you cannot consolidate multiple mortgages with the HARP refinance program. It's for first liens only. All
- Can I consolidate two or more mortgages with a HARP refinance?
subordinate/junior liens must be resubordinated to the new first mortgage. Just be sure to mention your second
mortgage at the time of application so your lender knows to order the subordination for you.
If your current bank is not setup for HARP, we'll find you a new lender. HARP is available through any participating
- What should I do if my current bank is not setup for HARP and I want to refinance?
bank (and there are a lot of them). Contact your lender for more help.
Yes, there are regular closing costs, like any other refinance and sometimes the mortgage balances can be
- Are there closing costs with a HARP refinance?
increased to cover this costs as long as your loan do not exceed the local conforming loan limits. There are also
ways to help you reduce your closing costs. Consult your lender for more details.
You can do a HARP refinance with any HARP-participating lender. Call me for more info. (909)477-1515
- What bank should I use to get a HARP refinance?
Please don't wait until the last minute, this program is for a limited time. Contact your lender for more details today.
* Terms may vary from lender to lender. This program is subject to expiration or changes
at any time. Information provided here is deemed reliable but you must consult your lender
for current program rules.
*HARP 2 Refinance Program
|All information here is
deemed reliable and
accurate but can change
at any time. Contact your
lender for current
program rules and for
other types of refinancing
that may help you lower
your monthly payments.
Information courtesy of your
For a limited time, if you're underwater on your conforming, conventional mortgage,
you may be eligible to refinance at current low rates and without having to pay mortgage insurance.
It's a good idea to take action before this program expires.
|This site is Not affiliated with HUD, FHA, VA, FNMA or GNMA. Our purpose is to provide you with information for the
mortgage you inquire about. This is not an offer to lend and we are not affiliated with your current mortgage holder
or your loan servicer.