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What’s HARP?

Wondering about HARP (Home Affordable Refinance Program)? This program is designed for those who have been unable to refinance their mortgage due a decline in property value. According to the Making Home Affordable website, “help you get a new, more affordable, more stable mortgage. HARP refinance loans require a loan application and underwriting process, and refinance fees will apply.” There are several criteria you need to meet in order to qualify:

  • The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae.
  • 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%.
  • The borrower must be current on the mortgage at the time of the refinance, with a good payment history in the past 12 months.

Fannie and Freddie provide a tool to find out if your mortgage is owned or guaranteed by them. You can also contact us to find out if you qualify, and if so, we can provide you with more information.

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