As Palm State Mortgage told our friends and clients in our most recent blog, the HARP program has undergone significant changes since it was first created in 2009.
If you have never tried it, it could be the right time for you to consider this type of refinancing. Likewise, if you were turned down turned down previously, this is the best time to try applying for it again.
HARP Re-financing: Are You Eligible?
The program has been stream-lined with fewer documentation requirements and simpler guidelines.
Let’s take a look at some of the most basic requirements you need to be eligible for the new HARP 2.0 program. We have put the requirements in the form of questions for your convenience.
1. Have you made your payments?
To qualify for HARP, you must have kept up to date on your mortgage payments without any 30-day+ late payments in the last six months and no more than one in the past year, total.
2. Do you live in the House?
Your home should be your primary residence, or a 1-unit second home or a 1- to 4-unit investment property.
3. Who owns your loan?
Your loan must be owned by Freddie Mac or Fannie Mae. You can use the government Loan Look-up Tools linked below, if you are unsure about your facts.
4. When did your loan originate?
Important: You can qualify if your loan was originated on or before May 31, 2009.
You can use some cool online tools for looking up this type of information with online resources with Fannie or Freddy. The Loan Look-Up Tool for Freddie Mac is at this site and for Fannie Mae at this online resource
5. What is your current LTV? This means your Loan-To-Value Ratio. Don’t worry about complicated figures. We suggest you use the Loan-to-Value calculator at this user-friendly resource.
This handy formula (the LTV) helps you estimate how much you actually owe on your mortgage, compared to the value of your home in today’s current market.
The calculator tool will give you information based on inputs regarding your existing mortgage information.
Caution: If your information is inaccurate, the results you receive will not be realistic. So, we advise you to get your facts straight and fill in the blanks with great care.
Big Requirement: The Loan To Value Ratio must be greater than 80%.
A Special Note: Double check your address on the above look-up tools. (See #3, above) If your address does not appear in the look-up tool of either site, then your loan is not owned by Fannie Mae or Freddie Mac. This means you will not be eligible for the program.
If you are considering any type of refinancing, we suggest you fill out this convenient worksheet posted on our website.
Click it, print it and fill it out so you know where to start on your adventure into refinancing. Feel free to call Palm State Mortgage Company. We will consider all your options for refinancing in your current financial situation.
Thank you once again, for reading the Palm State Mortgage Company blog, where we make it possible to refinance your dreams!