See if you qualify
How to qualify for HARP?
Some of the major changes to the HARP program include:
- No underwater 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 and underwriting Most homeowners will not have to get an appraisal or have their loan underwritten, making their refinance process smoother and faster.
- Modified fees Certain risk-based fees for borrowers who refi into shorter-term loans will either be eliminated or modified.
- Extended deadline The end date to get a HARP refinance has been extended to Dec. 31, 2013.
Here are some of the major requirements for borrowers to qualify:
- Your mortgage must have been sold to Fannie Mae or Freddie Mac before June 1, 2009
- You must be current on your payments and have no late payments in the past six months. You also can have only one late payment in the past 12 months. A late payment is one that’s 30 days overdue.
- You must owe at least 80% of your home’s current value.
- This must be your first refinance through any version of HARP.
If you are unsure, you can check both Fannie Mae and Freddie Mac’s websites or call their toll-free phone numbers for confirmation:
– Fannie Mae:
- Phone number: 1-800-7FANNIE (8 am to 8 pm ET)
– Freddie Mac:
- Phone number: 1-800-FREDDIE (8 am to 8 pm ET)
Let us show you what Pacific Shores Financial can do for you!