As part of the The Making Home Affordable ® Program (MHA)®, The Home
Affordable Refinance Program (HARP) is a refinance program designed
specifically for homeowners whose home values have declined, sometimes even
below their mortgage balance. Program eligibility varies, and you will need
to speak with a licensed loan officer in order to determine eligibility
based upon your particular circumstances.
You may be eligible for HARP if
you meet all of the following criteria::
- Mortgages must be current, with no late payments in the past 12 months
- The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae (To
determine, you may use www.freddiemac.com/mymortgage or
http://www.fanniemae.com/loanlookup)
- The mortgage must have been sold to Freddie Mac or Fannie Mae on or before
May 31, 2009
- The mortgage cannot have been refinanced under HARP previously unless it
is a Fannie Mae loan that was refinanced under HARP from March-May, 2009
- Typically the loan-to-value (LTV) ratio must exceed 80% percent, but may
not be greater than 200%, but this may vary from lender to lender
- Homeowners must meet sufficient income requirements to support the new
mortgage payments
The HARP program is set to expire December 31, 2016, and it may not be
available through all lenders. You may be better served by another loan
product or program. Refinance fees will apply. A tax advisor should be
consulted for further information regarding the deductibility of interest
and charges.
For more information
http://www.makinghomeaffordable.gov/programs/lower-rates/Pages/harp.aspx