Tuesday, October 15, 2013

Do you qualify for the Home Affordable Refinance Program?

1 in 5 homeowners nationwide qualify for the Home Affordable Refinance Program (HARP) - the program backed by the government in 2009, designed to help homeowners who owe more than the worth of their home and are current on their payments refinance to either a lower interest rate or more stable mortgage.

According to Zillow Blog, HARP has improved vastly since its creation.  It is now significantly easier for homeowners to qualify.

Have you tried to refinance in the past, but were turned down by your lender?
It's worth taking a second look now.  The expanded eligibility requirements very likely may help you qualify.

See if You're Elligible for HARP:



You must:
  • Be current on your mortgage payment.  This means no late payments (more than 30 days late) in the past six months, and no more than one late payment in the past 12 months.
  • Be attempting to refinance either 
    • a) your primary residence
    • b) a 1-unit second home, or
    • c) a 1 to 4 unit investment home
  • Have a loan owned by Freddie Mac or Fannie Mae, and have been acquired by one of the two before May 31, 2009.  To figure out this information, you can use the Freddy Mac or Fannie Mae secure loan lookup tools.  If they do own your loan, print out a copy of the lookup tool's results page for your records, and to have on-hand for a discussion with your lender. 

 

Be patient!


If you meet all of the HARP program's criteria, set up a meeting with your lender ASAP to discuss refinancing through HARP.  If your lender says you're not eligible, ask why.  If you believe that you ARE in fact still elligible, ask to speak with a HARP specialist or consider looking for a different lender.

No, you don't have to use your current lender, even if it does typically make the process easier.

Does your lender not participate in the program?  Don't give up.  There are many lenders who do participate in the program who can help you.  Here are the Freddie Mac and Fannie Mae listings of HARP lenders.  Once you locate someone and get approved, they will help walk you thorough the process until you close the deal.

To learn more about HARP, click here.

Need help?  Want to discuss your eligibility?  Give me a call or send me an e-mail, and I'll be happy to answer your questions.





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