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Harp Mortgage Refinancing FAQs

How has the HARP program changed recently?

The updated HARP program, commonly referred to as HARP 2.0 or “Obama Refinancing Plan” include the following notable changes:

No loan to value limits

Borrowers will now be able to refinance regardless of how far their homes have fallen in value. Previous loan-to-value limits were set at 125 percent.

Eliminating appraisals

Many homeowners will not have to get an appraisal, making their refinance process smoother and faster.

Extended deadline

The end date to take advantage of HARP refinancing has been extended to Dec. 31, 2015.

How do I find out who holds my mortgage?

Let us assist you, please contact us by phone or email to determine who holds your mortgage.  To be eligible for the HARP program, your mortgage must be held by either Fannie Mae or Freddie Mac

Who is eligible for refinance under this enhanced program?

Borrowers who fulfill the following criteria will, in general, qualify for HARP:

  • they must be current on their mortgages and have no record of mortgage late payments within the last six months, and may only have had one mortgage late payment maximum over the past 12-month period.
  • the current loan-to-value ratio (LTV) must be higher than 80%.
  • the mortgage must have a Note Date guaranteed by Fannie Mae or Freddie Mac on or before May 31, 2009.
  • the mortgage must not have already been refinanced through HARP in the past.

Am I still eligible for HARP if I missed a payment on my existing mortgage?

If you have missed only one payment in the last year, but have not missed any payments in the past six months, you may still be eligible.

I am delinquent on my mortgage. Will I qualify for a refinance under HARP?

No. Homeowners must be current on the mortgage at the time of the refinance, with no late payments in the past six months and no more than one late payment in the past twelve months.

I'm current on my mortgage. Will a refinance under the Home Affordable Refinance Program (HARP) help me?

Eligible homeowners, who are current on their mortgages but have been unable to take advantage of today's lower interest rates because their homes have decreased in value, may now have the opportunity to refinance.

How do I know if I am eligible for a refinance under HARP?

You may be eligible if:

  • The loan on your property is owned or guaranteed by Fannie Mae or Freddie Mac.  We can help you determine whether you are eligible.
  • At the time you apply, you are current on your mortgage payments and have had no late mortgage payments in the past 12 months.
  • You have a reasonable ability to pay the new mortgage payments.
  • The refinance improves the long-term affordability or stability of your loan.

If my property has changed from a primary residence to an investment property, am I eligible?

In most cases, occupancy changes are permitted under the HARP program

Will I need mortgage insurance on a HARP refinance?

If your existing loan has private mortgage insurance, you will need the same amount of insurance coverage for a refinance under HARP. If your existing loan does not have private mortgage insurance, it will not be required as part of a refinance under HARP.