Is HARP refinancing for you?
It may be! The program was created to help you get a more affordable and more stable mortgage. If the value of your home has declined and you are unable to get traditional refinancing, and are not behind on your payments – you may be eligible. This program can be a lifesaver for home owners, but it will still require a loan application, an underwriting process and refinance fees will apply.
Some of the eligibility requirements include:
– You must be current on the mortgage at the time of the refinance, with a good payment history in the past 12 months
– Your mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae
– Your mortgage cannot have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009
– Your current loan-to-value (LTV) ratio must be greater than 80%
– Your mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009
One of the first things to do is ask your current mortgage company if they participate in HARP. Unfortunately not every mortgage servicer does. You can also contact Fannie Mae or Freddie Mac through www.makinghomesaffordable.gov to help you determine your eligibility. This program ends on December 31, 2013.
Although HARP is a great option for some, it is still recommended to contact a local lender to check out your options for refinancing. Comparing rates and costs will give you the most opportunity and the best refinance terms. Find a lending referral at www.allisonmovesyou.com!
If you have additional questions about HARP or about getting mortgage help, contact a housing expert at 888-995-HOPE (4673). Counselors there will help you understand your options, create a plan to cater to your individual needs and help to prepare your application if you choose to apply. Help is available in more than 160 languages.