The defining characteristics of the newly expanded HARP program is the allowance of an unlimited loan-to-value (LTV) ratio. No matter how under water you are, you can still apply. HARP 2.0 gives homeowners the ability to refinance at today’s low mortgage rates without concern for private mortgage insurance, exorbitant closing costs and fees, and not even requiring an appraisal in most cases. If you have been turned down before for this program, you will certainly want to re-apply. Follow these three simple steps to see if you are eligible.
Am I eligible under the new HARP program?
In order to be eligible for HARP 2.0 refinance program:
- Your loan must be backed by Fannie Mae or Freddie Mac.
- Your mortgage must be paid on-time for the previous six months.
- Your current mortgage must have a “closed date” prior to June 1, 2009.
If you meet this criteria, you may be HARP-eligible.
Verify my loan is Fannie- or Freddie-backed.
Check mortgage “lookup” forms on Fannie Mae and Freddie Mac websites. Check Fannie Mae first as Fannie Mae’s market share is larger. If no match is found, then check Freddie Mac. These web forms are not always accurate as the address would have to be exactly the same as was recorded with Fannie or Freddie. We can help confirm your eligibility.
My loan is eligible. Now what?
Just confirm your eligibility and get a rate quote. Complete the Eligibility and Rate Quote Form and we will contact you within the next 24 hours.
