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HARP Eligibility Guidelines
The Home Affordable Refinance Program (HARP), launched jointly by the Federal Housing Finance Agency (FHFA) and the US Treasury Department set certain new eligibility guidelines for Washington State Homeowners who had purchased homes with mortgages and were subsequently ineligible for refinancing due to declining home values in their area. This was a major hindrance in refinancing their present mortgages with lower interest rates or shorter loan terms. With changes announced in HARP eligibility guidelines (now called HARP 2.0), more Homeowners will now be eligible for HARP assistance.
The expansion of the 125% loan-to-value for fixed rate Freddie Mac or Fannie Mae mortgages and the possibility of the exclusion of appraisals for properties where there is a reliable Automated Valuation Model or AVM are two such major changes that may make more people eligible.
The goal of the newly modified HARP 2.0 Program is to help stabilize the real estate market and encourage people to stay in their homes and begin rebuilding home equity.
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HARP Eligibility Basic Guidelines*
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1. Your loan must be backed by Freddie Mac or Fannie Mae
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2. Your mortgage must have been purchased by Fannie Mae or Freddie Mac before May 31, 2009.
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3. You must be current on your home loan payments, which means you cannot have been late on a payment during the past six months or made a late payment more than once in the last 12 months.
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4. Your mortgage has not previously been refinanced under HARP unless it is a Fannie Mae loan that was refinanced from March - May 2009.
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5. No Modifications or Shortsales.
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6. Your property cannot be currently listed for sale.
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*Contact your loan officer for details. Additional restrictions may apply.
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If you believe your loan type or situation is a special case, please give us a call at 206-423-2552 to discuss your options.
How to Determine If Your Loan Is Backed By Fannie Mae or Freddie Mac
Unfortunately, Washington homeowners rarely know who "owns" their mortgage loan. Normally, homeowners receive their monthly statements, and make their monthly payments, to their mortgage servicer. This is usually not the company that provided the funds originally to make the loan.
You can check "lookup" forms on the Fannie Mae and Freddie Mac web sites. However, keep in mind that these web forms are not always accurate as the address would have to be exactly the same as was recorded with Fannie or Freddie. For more accuracy, contact us.
Click Here To Check Fannie Mae | Click Here To Check Freddie Mac
Or, you can have us check for you:
Click Here To Have Us Check Your HARP Eligibility & To Request a FREE, No-Obligation HARP Rate Quote
Your Next Step?
Apply For The HARP Program – Making Home Affordable Refinance
Getting approved for a HARP 2.0 refinance involves the following steps:
Step 1: Find out if your mortgage is owned by Fannie or Freddie & Eligible For The HARP Program
Step 2: Print the HARP 2.0 Checklist
Step 3: Submit your HARP Online Application
Step 4: Meet with Kenton Becker to go over the final numbers, closing date, etc.
If you have any questions or concerns, please don't hesitate to call my office at 206-423-2552 or email me at kenton.becker@apmortgage.com . I am here for you!
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