New Expanded HARP Eligibility

New modification to the HARP eligibility rules

means great news for many home owners:

 

 

 Old qualification rules for HARP Program:

Sold to Fannie Mae or Freddie Mac on 5/31/2009 or earlier

 

NEW qualification rules:

Original note date (closing date) of 5/31/2009 or earlier

 


Many homeowners aren't sure when their mortgage sold to Fannie or Freddie, so this new eligibility change is much more inclusive now--it is much easier for homeowners to remember or look up their actual CLOSING date on their home's mortgage than it is to determine when their loan sold on the secondary market. If you closed on your home May 31, 2009 or earlier, and meet criteria listed below, HARP might be a great option for you!

What is HARP? The Home Affordable Refinance Program is a program intended to provide more affordable loan terms for people who own a home that has declined in market value, which has impacted their eligibility to utilize a traditional refinance program.
 
You may be eligible for HARP if you meet all of the following criteria:

• 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.

If your loan is owned by Freddie Mac, you may check your potential eligibility for HARP here.

If your loan is owned by Fannie Mae, you may check your potential eligibility for HARP here.

*Eligibility criteria are for guidance only. Contact your mortgage servicer to see if you are eligible for HARP.

Call us today if you'd like to take

advantage of the HARP program to

refinance your current mortgage!