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 firstname.lastname@example.org 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 email@example.com for additional Home Affordable Refinance Program (HARP) information for the MA area or to begin the refinance process.