If you are a Washington State Homeowner that has experienced a
decrease in your home's equity and have had trouble refinancing
with traditional financing, then the HARP Refinance Program may help.
HARP, the acronym for "Home Affordable Refinance Program", is a lending program announced by the US federal government in 2009 to help millions of homeowners who have experienced a decrease in their home's equity and may owe more than their home is currently valued.
The HARP program, also referred to as The Making Home Affordable Program, the DU Refi Plus Program, The Relief Mortgage, and/or the Obama Refi Program - was specifically targeted towards homeowners having a loan-to-value ratio less than 125 percent, but has now been re-released with E-X-P-A-N-D-E-D guidelines.
NEW!!! HARP 2.0 - Help For Washington Homeowners
Now, with the revised guideline changes, "HARP 2.0" has the possibility of no Loan-To-Value limits. So, Washington State Homeowners with a loan-to-value ratio even greater than 125 percent can now apply for a refinance with this program!
HARP 2.0 gives Washington State Homeowners the ability to refinance and the appraisal may not be required. If you have been turned down before for this program, you will certainly want to re-apply for HARP 2.0.
In order to qualify for HARP assistance, two of the Eligibility Requirements are:
1. Your loan must be backed by Freddie Mac or Fannie Mae
2. Freddie or Fannie should have bought your mortgage prior to June 1st, 2009.
How to Determine If Your Loan Is Backed By Fannie Mae or Freddie Mac
Unfortunately, Washington State 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 increased accuracy, contact us and we can check for you.
Note: USDA, FHA or Jumbo mortgages are NOT HARP-eligible. "Super Conforming" Loans ARE eligible. Please contact us for maximum loan size limits in your area.
The most noticeable and major changes in the HARP 2.0 program are:
- Possibility of no Loan To Value limits which means that Washington State borrowers may now have the opportunity to refinance regardless of the fallen values of their homes, whereas loan-to-value limits were previously limited to 125 percent.
- Home appraisal may not be required. This makes the refinancing process much faster and smoother.
- The deadline for obtaining a HARP refinance has been extended to September 30th, 2025.
Your Next Step... Applying For The HARP 2.0 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 or call 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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