HARP is an acronym that stands for Home Affordable Refinance Program. The program allows a homeowner to refinance their mortgage even if they owe more than their home is worth.
There are approximately 7 million people expected to qualify under the expanded guidelines. Eligibility is contingent on a number of factors, including but not limited to your credit history for the past 24 months, and whether you have previously refinanced with HARP. Applicants must also submit necessary documentation, which in many case may be limited to bank statements and homeowner's insurance.
How can I check if my mortgage is eligible?
The HARP Refinance Program is open to homeowners with mortgages owned or guaranteed by Fannie Mae or Freddie Mac and obtained the mortgage prior to May 31, 2009. However, to be considered eligible the mortgage cannot have been refinanced since that time.
It is unlikely Fannie or Freddie will be listed on your mortgage statement. Contact one of our Poli Mortgage Group Loan Officers and they will be happy to assist you determine who owns your current mortgage.
Another option is to use the Fannie and Freddie "loan lookup tool" which allows homeowners to search and confirm their loan is with either of the agencies.
If you would like to try checking for yourself, visit the sites below:
Check with Fannie Mae below or visit: http://www.fanniemae.com/loanlookup/
Check with Freddie Mac below or visit: https://ww3.freddiemac.com/corporate/
Occasionally, online Loan Look Up Tools from Fannie and Freddie give a "False Negative" so your best bet is to check with a qualified loan officer to be sure.
Can I qualify for HARP if I've fallen behind on my mortgage payments?
Unfortunately, no. HARP requires that all homeowners have made their last six mortgage payments on time, with a maximum of one 30-day late payment in the past year. We will be able to help you to access accurate information from your credit report and will refer you to one of our experienced credit repair partners to help get you back on track.