Eligibility & Mortgage Rates for 2. HARP Mortgage. The HARP mortgage is a home loan refinance program launched in March 2.
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LTV). It goes by several names. The government calls it the Home Affordable Refinance Program. The program is also known as Making Home Affordable, the Obama Refi, A Better Bargain For U. S. Homeowners, DU Refi Plus, harp mortgage and Relief Refinance. The HARP loan requirements are: Your loan must be backed by Fannie Mae or Freddie Mac. Your current mortgage must have a note date of no later than May 3.
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If you meet these two criteria, you may be HARP- eligible. If your mortgage is an FHA, USDA, VA or a jumbo mortgage, you are not HARP- eligible. Underwater FHA mortgages can be refinanced via the FHA Streamline Refinance program.
Underwater VA mortgages can be refinanced via the VA IRRRL mortgage program (VA Streamline Refinance). Underwater USDA loans can be refinanced via the USDA Streamline Refinance program, which is available in most states. HARP Refinance : Questions and Answers. Do these question- and- answers account for the . This post includes the latest changes as rolled out by the Federal Home Finance Agency on October 2. Fannie Mae and Freddie Mac on November 1. HARP 2. 0 was formally released by Fannie Mae and Freddie Mac March 1.
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Is . The program is also known as DU Refi Plus and Relief Refinance, and many mortgage lenders call it . HARP is a specific mortgage refinance product. The changes suggested by the White House may later manifest as HARP 3, but we don't know when HARP 3 will pass, if ever. How do I know if Fannie Mae or Freddie Mac has my mortgage?
Fannie Mae and Freddie Mac have . Check Fannie Mae's first because Fannie Mae's market share is larger. If no match is found, then check Freddie Mac. Your loan must appear on one of these two sites to be eligible for HARP.
If my mortgage is held by Fannie Mae or Freddie Mac, am I instantly- eligible for the Home Affordable Refinance Program? No. There is a series of criteria. Having your mortgage held by Fannie or Freddie is just a pre- qualifier. My mortgage is held by Fannie/Freddie.
Now what do I do? Find a recent mortgage statement and write . Give that information to your lender when you apply for your HARP refinance. My mortgage is backed by Wells Fargo. Am I eligible for HARP? It's possible that your mortgage is backed by Wells Fargo, but the more likely answer is that Wells Fargo is just your mortgage servicer; the bank that collects your payments.
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Wells Fargo backs very few of its own loans. Most loans for which payments are sent to Wells Fargo are backed by either Fannie Mae or Freddie Mac.
Double- check with Fannie Mae and Freddie Mac before assuming Wells Fargo backs your loan. My mortgage is backed by Bank of America.
Am I eligible for HARP? Bank of America does back some of its own loans, but the more likely answer is that Bank of America is your mortgage servicer; the bank that collects your monthly mortgage payments. Bank of America backs very few of its own loans. For most loans for which payments are sent to Bank of America, Fannie Mae or Freddie Mac are the actual loan- backers. Double- check with Fannie Mae and Freddie Mac to make sure Bank of America doesn't hold your loan.
My mortgage is backed by Chase. Am I eligible for HARP?
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There is a chance that Chase backs your loan, but what's more likely is that Chase is just your mortgage servicer; the bank that collects your payments each month. Chase backs very few of its own loans. For most loans for which payments are sent to Chase, you'll find that Fannie Mae or Freddie Mac are the actual loan- backers. Double- check with Fannie Mae's and Freddie Mac's websites to make sure your loan is not held by Chase. My mortgage is backed by Citi.
Mortgage. Am I eligible for HARP? Your mortgage statement may have the Citi. Mortgage logo on it, but that doesn't necessarily mean that Citi. Mortgage back your loans. It's more likely that Citi. Mortgage is your mortgage servicer; the bank paid to process your payment each month.
With most loans for which payments are sent to Citi. Mortgage, the actual loan- backer is Fannie Mae or Freddie Mac.
Double- check with Fannie Mae's and Freddie Mac's websites to see if you can find your loan. My lender won't do HARP. Can I use HARP with another lender? Yes. You can do the HARP loan with any participating mortgage lender. This is a major change from the original HARP. The government is trying to get as many people access to the program as possible. If you were once turned down for HARP by your original mortgage lender, re- apply somewhere else.
You'll likely have better luck. My mortgage servicer does not do new mortgages.
How do I use HARP? Not all mortgage servicers have loan officers on staff. However, that should no bearing on your ability to get a HARP refinance. You can work with any participating lender in the country. What if neither Fannie Mae nor Freddie Mac has a record of my mortgage?
If neither Fannie nor Freddie has record of your mortgage, your loan is not HARP- eligible. However, you may still be eligible for a . Use this form to get a rate quote to see your options. What does the term .
It's a software program that simulates mortgage underwriting. The name has been trademarked, however. What does the term .
Can I use HARP? Yes, if you have a 4. HARP. You must make sure that you mortgage is backed by Fannie Mae or Freddie Mac, though, and that you meet all other eligibility requirements. My lender says its not set up for Freddie Mac. How do I do a HARP loan? Not every bank is participating in the HARP 2.
If you've been told that your bank can't or won't help you, just try with a different bank. There are many banks that are participating in the program. I have a jumbo mortgage. Can I use HARP 2. No, HARP 2. 0 is not meant for jumbo mortgages. It's for mortgages backed by Fannie Mae or Freddie Mac only.
There had been talk of a HARP 3 program which may have added access to HARP for non- Fannie Mae and non- Freddie Mac mortgages but the FHFA recently said making a HARP 3 program was not a current priority. You can read more about HARP 3. I have an Alt- A mortgage. Can I use HARP 2.
No, HARP 2. 0 is not meant for Alt- A mortgages. It's for mortgages backed by Fannie Mae or Freddie Mac only. Alt- A mortgages were among the loan types rumored to be a part of HARP 3, but HARP appears unlikely to pass at this time. The FHFA has said that the creation of a HARP 3 loan is low- priority at this time. I have an interest only mortgage. Can I use HARP 2.
If your current mortgage is interest only, you may be able to use HARP. If your interest only mortgage is a conforming loan backed by Fannie Mae or Freddie Mac, you should be HARP- eligible. Otherwise, your loan may be an Alt- A or sub- prime mortgage in which case you will not be HARP 2- eligible.
I have a balloon mortgage. Can I use HARP 2.
If your current mortgage is a balloon mortgage, you may be able to use HARP. It depends on whether your loan is conforming, and whether it's backed by Fannie Mae or Freddie Mac.
What is HARP 3? HARP 3 is the supposed next iteration of HARP. It's been referred to as . In May 2. 01. 4, the FHFA announced that expanding HARP 2 into HARP 3 would be unlikely prior to the program's expiration.
Does HARP work the same with Fannie Mae as with Freddie Mac? Yes, for the most part, the program is the same with Fannie Mae as with Freddie Mac. There are some small differences, but they affect just a tiny, tiny portion of the general population. For most people, though, the guidelines work the same. My bank sent me a HARP rate quote by mail. It looks like a high interest rate. Should I shop it around?
Yes, you should always compare HARP mortgage rates because they can vary widely from bank- to- bank. You may save a lot of money just by getting a second opinion on your mortgage. Am I eligible for the Home Affordable Refinance Program if I'm behind on my mortgage? No. You must be current on your mortgage to refinance via HARP. I've been told by my bank that I'm not eligible for HARP.
I think my bank is wrong. Can I get a second opinion? If you've been turned down for HARP but believe that you're eligible, you can apply with a different bank and see what happens.
Different banks are using different variations of the program. The changes are subtle, but they're enough to cause some people to get denied who should otherwise have been approved. My lender denied my HARP mortgage because my LTV is too high. What do I do? Some banks are enforcing subtle variations of the official HARP program guidelines. The edits are small, but they're enough to cause some people to get denied who should otherwise have been approved.
If you've been turned down for the HARP loan because of your loan- to- value, apply with a different bank and you may get different results. My lender denied my HARP mortgage because credit scores are too low.
What do I do? Some banks are making variations on the official HARP program guidelines. The changes are subtle, but they're enough to cause some people to get denied who should otherwise have been approved. If you've been turned down for HARP program because of your credit scores, apply with a different bank and you may get a different outcome.
What is the mortgage rate for a HARP loan? Mortgage rates for the HARP mortgage program are the same as for a . Make sure to shop around, then - - just like you would with a non- HARP refinance. Rates can vary by as much as one- half percentage point between lenders. Should I shop for the lowest HARP mortgage rates? Yes, you should shop for the lowest HARP mortgage rates.
HARP mortgage rates vary from bank- to- bank and so do closing costs. Talk to at least 2 banks so you can know you're getting a fair deal. Will the Home Affordable Refinance Program help me avoid foreclosure?
No. The Home Affordable Refinance Program is not designed to delay, or stop, foreclosures. It's meant to give homeowners who are current on their mortgages, and who have lost home equity, a chance to refinance at today's low mortgage rates.