HARP or Home Affordable Refinance Program will allow its borrowers with loans backed by Fannie Mae and Freddie Mac to obtain new loans until December 31, 2015. HARP was originally set to expire at the end of 2013.
More than 2.2 million borrowers have benefited from the program so far. The program allows its borrowers to cut loan payments by refinancing at record low interest rates and at smaller monthly payments even if their homes have lost value.
To qualify for the upgraded HARP, homeowners must meet the following criteria: (Source: www.realtytimes.com)
- The loan must be backed by Fannie Mae or Freddie Mac
- The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
- The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
- The mortgage cannot have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009.
- The current loan-to-value (LTV) ratio must be greater than 80 percent.
- The borrower must be current on their mortgage payments with no late payments in the last six months and no more than one late payment in the last 12 months.
If you have any questions about HARP, please don't hesitate to contact me.
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