If the declining value of your home has made you ineligible for a traditional refinance, you may be able to find relief through HARP (Home Affordable Refinance Program). You will need to be current on your mortgage payments, and the refinance will be treated as a new loan with an application, the underwriting process, and any applicable loan refinance fees. HARP can help you refinance with a more affordable and stable mortgage. While a variety of factors may be considered, here are a few general guidelines that will help determine your eligibility:
- Is your mortgage owned or guaranteed by Freddie Mac or Fannie Mae?
- Was your mortgage sold to Freddie Mac or Fannie Mae on or before May 31, 2009?
- Has your mortgage previously been refinanced under HARP? (there are narrow exceptions for Fannie May loans refinanced under HARP in March or May of 2009)
- Are you current on your mortgage and can you show a good payment history for the previous twelve months?
- Is your current “loan-to-value” (LTV) ratio greater than 80%?
If you are not sure if your mortgage is owned or guaranteed by Fannie Mae or Freddie Mac, you can use their Loan LookUp Tool to find out. Additional information may be found by calling Fannie Mae at (800)7Fannie or Freddie Mac at (800)Freddie, Option 2.
We have experts at Guild Mortgage in Sacramento, Roseville, and throughout northern California who can also help you with issues regarding HARP.
1). Freddie Mac and Fannie Mae have adopted changes to the Home Affordable Refinance Program (HARP) and you may be eligible to take advantage of these changes.
2). If your mortgage is owned or guaranteed by either Freddie Mac or Fannie Mae, you may be eligible to refinance your mortgage under the enhanced and expanded provisions of HARP.
3). You can determine whether your mortgage is owned by either Freddie Mac or Fannie Mae by checking the following websites: www.freddiemac.com/mymortgage or www.fanniemae.com/loanlookup/.
The information above is not guaranteed to be accurate and does not represent the opinions of Guild Mortgage Company.