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Home Affordable Refinance Program II.
Details, Questions And Answers On HARP II.
Chris Sims | US Gov Connect
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If you got your mortgage back when interest rates were high, you may be interested in refinancing into a lower rate loan with a lower payment. If your house has declined in value in recent years, you may be unable to refinance because you owe more than what your home is worth. When you are in this situation, one program that you may want to check out is the Home Affordable Refinance Program. This program is also sometimes referred to as HARP. HARP is a program offered by the government, which allows homeowners to refinance their current mortgage even if they owe more than what their home is worth. If you are interested in getting a more affordable and stable mortgage loan, you'll need to consider applying for the Home Affordable Refinance Program. There are some fees and underwriting involved, but the hassle is usually well worth it.
Are You Eligible?
Although you may be interested in the Home Affordable Refinance Program, that does not necessarily mean that you can participate. You must meet some eligibility rules before you can get approved. First of all, the loan has to be guaranteed by Fannie Mae or Freddie Mac. It also must have been in effect before May 31, 2009. You also cannot have participated in the HARP program before, with one possible exception. Anyone who participated in the program with a Fannie Mae loan during the time period of March, April, and May of 2009 can still use the program again.
To qualify, you also must have a good payment history for at least the last 12 months. If you are late on your mortgage, you won't be able to participate. The loan to value ratio of the loan must be higher than 80 percent as well. If you don't think that you'll be able to qualify, you still may want to contact your mortgage lender, because these are just guidelines.
How to Participate?
If you are interested in moving forward with this refinance program, you will need to complete some basic steps. The first thing that you need to do is find out if your loan is guaranteed by Fannie Mae or Freddie Mac. If it is, then you can contact your mortgage lender or another mortgage lender that participates in the program. You don't have to work with your existing lender to participate in the HARP program.
At this point, you probably need to compare some interest rates and closing costs to see if you're getting the best deal. The ultimate purpose of refinancing is probably so that you can save money and get more affordable payment. By doing a little bit of shopping, you can maximize your savings.
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Questions and answers on Home Affordable Refinance Program II:
Who Is Eligible For Home Affordable Refinance Program (Harp II)?
Borrowers Must Meet The Following Criteria:
- The borrower must be current on their mortgage, with no late payments in the past six months, and no more than one late payment in the last year.
- The loan to value needs to be more than 80%.
- The mortgage has to be owned or guaranteed by Fannie Mae or Freddie Mac.
- The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31st, 2009.
- The mortgage has not been refinanced by HARP.
What About Borrowers who does not have a mortgage owned or guaranteed by Fannie Mae or Freddie Mac?
- Borrowers do not qualify if their mortgage is not owned or guaranteed by Fannie Mae or Freddie Mac. Contact your lender to get confirmation.
Is There A Maximum Loan To Value (LTV) Under HARP II?
- No There is not for a fixed rate refinance. For an adjustable rate the LTV can't exceed 105%.
Are Appraisals Required Under HARP II?
- If the property has a reliable appraisal under the Automated Valuation Model (AVM) a new appraisal will not be required.
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