Govt Programs – HARP

Are you current on your home loan payments but unable to refinance because you have little to no equity in your home?

Freddie Mac and Fannie Mae have adopted changes to the Home Affordable Refinance Program (HARP) and you may be eligible to take advantage of these changes. The changes are designed to allow even more homeowners an opportunity to refinance to a lower rate and shorter term even if they owe more than their home is worth. This program may be an affordable refinance option for homeowners who would not otherwise qualify for a traditional refinance.

Why refinance under HARP?

• Receive lower rates even if you have little equity in your home.
• Reduce monthly mortgage payments when you refinance to a lower rate.
• Save on interest over the life of your loan when you refinance to a reduced term.
• No mortgage insurance is required on your new loan if none is in place on current mortgage.
• No property appraisal required in some situations.
• No income documentation required.

You may be eligible to refinance under HARP if:

• You are current on your mortgage payment, with no late payment in the past six months and no more than one late payment in the past 12 months.
• Your existing loan was originated on or before May 31, 2009.
• You have not already refinanced the same property in the past under the HARP Program.
• Your existing loan is owned or guaranteed by either Freddie Mac or Fannie Mae.

Is your loan backed by Freddie Mac or Fannie Mae?

If your mortgage is owned or guaranteed by either Freddie Mac or Fannie Mae, you may be eligible to refinance your mortgage under the enhanced and expanded provisions of HARP. You can determine whether your mortgage is owned by either Freddie Mac or Fannie Mae by checking the following websites:

Freddie Mac loan look up

Fannie Mae loan look up