HARP Loan Refinancing
The Federal Government has issued a new program in which homeowners who owe more than their home's value can now refinance their loans. Designed to help homeowners take advantage of lower rates, this program now opens doors for those with good credit, and a good credit history to apply to refinance.
For details on Harp Loan refinancing call Michael Mandis at (410) 683-1500.
The Home Affordable Refinance Program (HARP) issued by the federal government assists homeowners in refinancing their mortgages. Mortgages must be backed by Freddie Mac or Fannie Mae in order for homeowners to qualify.
In a climate where homeowners have refinanced at rock bottom rates, those with homes that have decreased in value haven't had many options for refinancing. Especially when they haven't any equity in their homes. But the HARP program creates a way for homeowners with or without equity to qualify for a home refinance when they are "upside down" on their mortgages.
Not sure if your loan is guaranteed by Freddie Mac or Fannie Mae? Contact us on (410) 683-1500 and we'll check your loan for you.
Qualifying for HARP
Wondering if you qualify for the HARP program? Here are a few guidelines...
- The mortgage MUST 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 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 no late payment in the past six months and no more than one late payment in the past 12 months.
- You have a reasonable ability to pay the new mortgage payments.
- The refinance improves the long term affordability or stability of your loan.
How do I apply for HARP?
Applying for HARP is as simple as contacting our mortgage office in Cockeysville. We'll first ask to see your current mortgage statement to determine if your loan is backed by Freddie Mac or Fannie Mae.
Then, we'll have you fill out a loan application that will give us all of the information that we need to determine if you qualify for the loan. Refinancing through a HARP loan takes the same process as any refinance, and we'll need to pull your credit history, current income, past payment history, etc. Begin gathering tax statements and pay stubs for the process.