The government’s Home Affordable Refinance Program (HARP) was made to help millions of homeowners keep their homes. This can help you to lower your interest rate and reduce your monthly mortgage payments. According to Zillow – over 20.1 million homes in America now qualify for the program.
As of August 31, 2011, nearly 894,000 borrowers have refinanced through HARP.
Here’s how to qualify for a HARP loan refinance:
1. You must be an owner occupant of a 1 to 4 unit property
This means that you (the homeowner) must live in the property that you are trying to refinance to qualify for HARP. The property must be either a condo, single family home, duplex, triplex, or 4 unit home.
2. Your mortgage payments must be up to date
You are not eligible if you have been late on your mortgage payments by over than 30 days or if you’ve skipped any payments entirely in the past 12 months.
3. You must owe at least 80% of your mortgage
Your loan to value (LTV) ratio must be above 80%
For example, if your house is worth $100,000 and you only owe $20,000 – you do not qualify.
For example, if your house is worth $100,000 and you owe $81,000 or more – you do qualify.
4. You must have a Fannie Mae or Freddie Mac loan
According to Zillow - about 60% of homeowners in the USA have loans backed by Fannie Mae and Freddie Mac. The mortgage must have been sold to Fannie and Freddie on or before May 31, 2009.
You can find out if you have a Fannie Mae or Freddie Mac loan here:
http://www.FannieMae.com/loanlookup/ or calling 1-800-7-FANNIE (8 am to 8 pm ET)
https://ww3.FreddieMac.com/corporate/ or calling 1-800-FREDDIE (8 am to 8 pm ET)
5. When is the deadline?
The end date for the HARP program has been extended until December 31, 2013
Tags: cindy cervone, cynthia cervone, government home program, HARP, home affordable refinance program, refinance
