Chris Graves, Certified Mortgage Advisor

Providing Mortgage Services in MA, NH, ME, RI and FL

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Home Affordable Refinance Program (HARP) Information For The MA Area

HARP is a loan refinance program through Making Home Affordable (MHA) by the Departments of the Treasury and Housing and Urban Development (HUD). It was created to help homeowners current on their mortgage but who are unable to refinance since the price of their home has declined below the amount of their mortgage. Home Affordable Refinance Program (HARP) information for the MA area can be found in this blog.

Home Affordable Refinance Program (HARP) Information For The MA Area

HARP is a critical option for homeowners who would have no other refinance solution or who may otherwise run the risk of foreclosure. It not only provides the means to refinance at current interest rates but also to eliminate mortgage insurance. These two changes could significantly lower monthly payments. HARP also allows borrowers with lower credit scores, investment properties, etc, to obtain lower interest rates than what they would obtain on a regular refinance.  There are closing fees involved which differ from lender to lender. Most charges may be rolled into the loan to reduce up-front cash needed to close. HARP is an important program that has already assisted many homeowners.

HARP Qualification Criteria

Individuals interested in HARP must first meet several basic guidelines. This is for informational purposes only and does not on any level predict approval for a loan.

  • You must NOT be behind on your loan.
  • You must have good payment history during the previous 12 months.
  • Your mortgage must be guaranteed by Fannie Mae or Freddie Mac. Note that this is different from the name of the company that services your mortgage.
  • The loan must have been bought by Fannie Mae or Freddie Mac on or before May 31, 2009.
  • The loan company performing the refinance must be approved by Fannie Mae or Freddie Mac.
  • Your mortgage balance may be as high as 150% of your property’s market value.
  • You must refinance before December 31, 2013.

First Steps to Take Advantage of HARP

If you are unable to refinance using other means and wish to evaluate the HARP alternative, there are a couple things that you should do. You should first identify whether your loan is guaranteed by either Fannie Mae or Freddie Mac and if so, if it occurred prior to the May 31, 2009 cut off. Contact Christopher Graves at Emery Federal Credit Union via phone at 781-759-1200 x22 or email christopher.d.graves@gmail.com to find out if your home loan is held by Fannie Mae or Freddie Mac.   You will be required to fill out a formal mortgage application which includes an underwriting process. After the mortgage company reviews the your financial information, the details of the current loan, and the property specifics, they will inform you of your approval status.

Contact Christopher Graves at Emery Federal Credit Union via phone at 781-759-1200 x22 or email christopher.d.graves@gmail.com for additional Home Affordable Refinance Program (HARP) information for the MA area or to begin the refinance process.

Chris Graves's avatar

Chris Graves

I grew up in Massachusetts, spent the majority of my young adult life in Boston, and own a home in Windham NH. I have owned properties in MA and NH. I specialize in mortgage lending in Massachusetts and New Hampshire and my company does have the ability to lend in other states. I graduated from the University of Massachusetts in Amherst Massachusetts in 2002. I have a Bachelor’s in Science. In addition to managing a team of loan officers my personal loan production is always in the top of the entire of company. I have personally been in the mortgage business for over 13 years. I pride myself with taking my clients from application to close in the smoothest and quickest way possible, while keeping them well informed during the entire process. I originate my own loans from start to finish and work hand in hand with my loan processors & underwriters to make sure I am updated to the minute with all of my files. I stay up to date with lending guidelines and speak with underwriters on a daily basis to ensure I am aware of all of the lending guidelines in place.