Qualifications For A Harp Loan

If you owe more on your mortgage than your house is worth and have heard of the HARP program, chances are you want to get in on it. To determine if you qualify for HARP, whether it could help you and.

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To qualify for a HARP refinance, Hosterman says your current loan must be a Fannie Mae- or freddie mac-backed mortgage. You can enter your loan information (your name, address and the last four digits of your Social Security number) into Fannie Mae Loan Lookup or Freddie Mac Loan Look-Up tools to determine its status.

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The HARP mortgage is a home loan refinance program launched in March 2009, which gives homeowners whose homes have lost value the ability to refinance to current mortgage rates without incurring.

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The HARP program is designed to help homeowners who owe too much on their mortgage to qualify for a traditional refinance loan. With HARP, you can refinance from a variable interest rate to a fixed rate and avoid paying for private mortgage insurance .

There is no longer a maximum LTV limit for borrower eligibility. If the borrower refinances under HARP and their new loan has a fixed rate mortgage, there is no maximum LTV. If the borrower refinances under HARP and their new loan is an adjustable rate mortgage, their LTV may not be over 105%.

To refinance with FHA, you must use an FHA-approved lender. FHA insures loans made by lenders that have passed a HUD screening process. To qualify for HARP, you may contact your current lender if it participates in the program, or contact another lender that does. FHA’s refinance involves a principal balance reduction.

There are five basic requirements you must meet to qualify for a HARP loan. The first is your loan must be a Freddie Mac or Fannie Mae loan. These are both Government Sponsored Enterprises (GSEs). If you’re unsure of the organization that owns your loan, check with your mortgage company.

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Getting started with HARP. If you qualify for a HARP refinance, now is the time to act. These are the steps you can take to start your application. Check your loan eligibility. check whether your loan is eligible for a HARP refinance by filling out the information on both the Fannie Mae look-up tool and the Freddie Mac look-up tool.

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