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What are the requirements for the HARP mortgage program?
You can go to the Harp-mortgage website. Common requirements for Harp mortgage program include that the mortgage you currently have is a Fannie Mae or Freddie Mac Mortgage. Also that you can afford the new projected payment and that the new projected payment is lower than your current payment. You also can not have any late payments made on your current loan in the last 12 months.
What are the qualifications to apply for the harp mortgage program?
There are many requirements. The qualifications are that your mortgage is owned or guaranteed by Freddie Mac or Fannie Mae, have a first mortgage not over 125% of the value of your home, have a home that's decreased in value, and being current on your mortgage, no payments later than 30 days for the past year. If you think your eligible give them a call at 877-338-7317.
Where can one get help with their mortgage payment?
You might be able to refinance your home. This means lower mortgage payments every month. There are some programs like Home Affordable Refinance Program (HARP) that can help you refinance if you can't due to a low value of your home.
What is a harp loan?
HARP is an acronym for "Home Affordable Refinance Program". The HARP refinance program was originally a program that was designed for homeowners with loans serviced by Fannie Mae and Freddie Mac, that would allow them to refinance with no mortgage insurance, and with loans that were "underwater", or, loans that had a higher balance than the value of the home. The first "HARP" fell short in a couple areas, because income still was heavily scrutinized, and there was a 125% cap on the loan to value. In other words, you couldn't owe more than 125% of what the value of the home was.Currently, there is another option in the works that is called HARP 2.0.The HARP 2 program is an amendment to the first HARP program that will allow borrowers to refinance to lower interest rates with heavily reduced income documentation, and zero limits for value, therefore appraisals might not be needed.In a nutshell, if you are a homeowner with a Fannie Mae or Freddie Mac owned home, and you have no mortgage lates in the last 6 months (no more than 1 late in the past 12 months) you can refinance down to the 4% range on a 30 year fixed, using potentially no appraisal, and reduced to no income documentation.
Who is responsible for HARP?
The United States congress is responsible for passing the HARP Act. The HARP act stands for Home Affordable Refinance Program and it is administered by the federal government.
Who is responsible for HARP act?
The United States congress is responsible for passing the HARP Act. The HARP act stands for Home Affordable Refinance Program and it is administered by the federal government.
How long do you have to wait to refinance with a traditional mortgage company or the government HARP program after a chapter 7 bankruptcy I have a Fannie Mae loan and my discharge is almost 2 yrs old?
After a Chapter 7 bankruptcy, you typically need to wait at least four years to refinance with a traditional mortgage lender. However, if you have a Fannie Mae loan and your discharge is nearly two years old, you may qualify for refinancing under the Home Affordable Refinance Program (HARP) if you meet other eligibility criteria. It’s advisable to check with your lender for specific guidelines and to confirm your eligibility for refinancing options.
What companies offer mortgage services through a company website?
Companies that offer mortgage services through a company site are National mortgages settlement which is for homeowners. Another is HARP Lenders who is with Freddie Mac.
Are there changes in home mortgage refinancing?
Yes, since the beginning of 2012 there have been many positive changes in home mortgage refinancing. Some of the changes include lower interest rates and also the HARP act.
Can first mortgage and second mortgage combine?
Yes, as long as you can get a bank or institution to lend you the money. It's going to depend on how good your personal credit is and how much equity there is in the property to be financed. Also combining the mortgages is something that is specifically disallowed by the HARP program so you most likely won't be able to combine them if the balance of both mortgages is higher than then appraisal value of the home.
Can you refinance a house with negative equity?
At times yes. The new HARP program currently allows refinances on properties up to 125% of their value. After March of 2012 once FNMA and Freddie Mac have updated their automated underwriting engines, lenders may go above and beyond 125%. Each lender may put their own additional rules on top of these rules too. Depending on the lender, your loan must be owned by FNMA or Freddie Mac to be eligible for HARP. Call your lender and ask who owns your loan or use the FNMA look up tool on-line. If your loan is owned by Freddie Mac, it also has it's own look up tool, it's harder finding a HARP lender. As always there are criteria to be eligible for HARP and if you have a second mortgage or HELOC, they have to be receptive to the HARP program too. Best of luck to you.
How would one apply for 2nd home mortgages?
Application for a second mortgage is much the same as for the first. The primary difference is that with the application for a second mortgage, most major incentive plans such as the Home Affordable Refinance Package (HARP) are not available.
