HARP Gives Hope to those Upside Down in Mortgage
Key underwriting details for the Home Affordable Refinance Program (HARP) are anticipated to be available in mid-March. This program is intended to help people refinance homes that would not previously have qualified under the old system. To find out if a home qualifies for this program, homeowners can go to the following links:
- Find out if home loan qualifies for refinance with Fannie Mae
- Find out if home loan qualifies for refinance with Freddie Mac
For those who have managed to stay current on their mortgage, there are some additional eligibility requirements. The loan must be a Freddie Mac or Fannie Mae loan that was sold on or before May 31, 2009. The loan-to-value ratio must be greater than 80%. Click here to find out more about eligibility requirements for HARP.
Nina Penny, Arizona loan officer, stated, “Not all mortgage service providers participate in HARP. People may also be confused as to whether their home qualifies. I personally have offered to look up homes for my customers to help them discover if their home qualifies.”
To find out if a loan qualifies for this program, check the above links. If the home loan is listed on the site, then contact a participating mortgage service provider. More information may be obtained by contacting HARP at 888-995-HOPE (4673).
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