See if you qualify

How to qualify for HARP?

Some of the major changes to the HARP program include:

  1. 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.
  2. 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.
  1. Modified fees Certain risk-based fees for borrowers who refi into shorter-term loans will either be eliminated or modified.
  1. 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:

  1. Your mortgage must have been sold to Fannie Mae or Freddie Mac before June 1, 2009
  1. 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.
  1. You must owe at least 80% of your home’s current value.
  1. 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:

Freddie Mac:

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