During earlier versions of the HARP program, strict LTV (loan-to-value) limitations prohibited many homeowners from qualifying. However, the current program allows homeowners to refinance into a fixed-rate mortgage regardless of their LTV. They can opt to select an ARM if their LTV is no more than 105%.
You could qualify for a HARP refinance even if your loan has been modified (as long as the original loan meets the qualification requirements). Investment properties, second homes, and condos are also eligible for the program. You can often refinance into a shorter-term loan, saving even more money.
During earlier versions of the HARP program, strict LTV (loan-to-value) limitations prohibited many homeowners from qualifying. However, the current program allows homeowners to refinance into a fixed-rate mortgage regardless of their LTV. They can opt to select an ARM if their LTV is no more than 105%.
You may be eligible for HARP if you meet all of the following criteria:
- The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae, use the secure loan lookup tools to see if Freddie Mac or Fannie Mae owns your loan.
- The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009 (if your home is guaranteed by Fannie Mae or Freddie Mac, the loan lookup tools will help you determine this date).
- The borrower must be current on the mortgage at the time of the refinance, with no 30-day+ late payments in the last six months and no more than once in the past 12 months.
Call us now to take advantage of this exciting program from the Departments of the Treasury & Housing and Urban Development.
