Am I Qualified For Harp Program If My Morgadge Is Not Whith Fredi Mac

HARP FAQ Learn more about the HARP Program with our comprehensive list of frequently asked questions about HARP refinances and HARP eligibility requirements. If you have any questions that we have not answered in this comprehensive HARP Q&A page, please fill out the form on the right for a no-cost, no-obligation consultation with an experienced HARP loan officer. Please note that you can search this webpage by holding your “ctrl” button and pressing the “f” button.

The HARP program allows borrowers to refinance the first mortgage while a second mortgage is in place. Fannie and Freddie do not set a combined loan-to-value (CLTV) maximum. The CLTV is the total of all loans on the property. Servicer of Your Mortgage. In order to be eligible for HARP your mortgage loan should be owned by Fannie Mae or Freddie Mac. The majority of mortgages are owned by Fannie or Freddie, they own about 90% of all conventional mortgage loans. There is a difference between who you make your payments to each month and who owns your mortgage. Fannie Mae and Freddie Mac have adopted changes to the Home Affordable Refinance Program (HARP) and you may be eligible to take advantage of these changes if your mortgage is owned or guaranteed by either Fannie Mae or Freddie Mac. Freddie Mac and Fannie Mae guidelines indicate that I should be eligible for HARP, but my lender said I am not. Freddie Mac and Fannie Mae purchase mortgages that meet each of their requirements from banks and other lending institutions. Lenders may have their own requirements in addition to Freddie Mac and Fannie Mae HARP guidelines.

After that, simply type in the word or phrase you are looking for and hit enter. What is the difference between the Home Affordable Refinance Program and the Making Home Affordable program? There is no difference. They are the same program. Download manager for mac. The names HARP and Making Home Affordable are interchangeable.

Is there an easy way to determine if Fannie Mae or Freddie Mac holds my loan? Yes, there is. The Fannie Mae and Freddie Mac websites have their own search functions that will allow you to see if Fannie or Freddie backs your loan. You can also check your eligibility on our site by Clicking Here. (link to Am I Eligible Page) If my loan is backed by either of those government entities, am I instantly eligible for a HARP refinance? There are quite a few requirements to determine your HARP eligibility.

If your loan is backed by Fannie Mae or Freddie Mac, you have passed one of the key pre-requisites, but will still need to meet other eligibility requirements including having secured your mortgage on or before 5/31/09 and having never used HARP before. How will my HARP refinance affect my current private mortgage insurance payments? Best computers for pro tools. Your private mortgage insurance payments should not be affected by a HARP refinance.

You will be required to maintain the same amount of coverage on your HARP loan as you did on your previous loan. Can I refinance with HARP using a different lender than I used to get my original loan? Many lenders throughout the country are choosing to participate in HARP. Any of these participating lenders are able to perform your HARP refinance; you are not limited to the lender who issued your original mortgage. Does HARP let me refinance my interest only mortgage? You can use HARP with an interest only mortgage as long as your interest only mortgage meets HARP’s basic eligibility requirements.