HARP Loan Program Eligibility

HARP LoanProgram Eligibility

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If you’re underwater onyour current mortgage,there are options that canhelp you. You could beeligible to refinance yourhome without the worry ofhaving to pay mortgageinsurance or pay down theprincipal on your existingmortgage.



What is the HARP Loan Program?

With HARP you can get alower interest rate thanyour existing loan, youcould also shorten yourloan term, or change froman adjustable to a fixedrate mortgage and there’sno minimum credit score.



HARP QualificationsCurrent on your existing mortgage

No more than 30 days late payments made to your

mortgage in the last 6 months

Your home is your primary residence

Your loan is backed by Freddie Mac or Fannie Mae

Your existing mortgage loan originated before May

31, 2009

Your current LTV (Loan-to-value) ratio must be

greater than 80%



Included in the HARP programNo “Underwater” Limits- Borrowers can now refinance

their mortgage regardless to how far their home has

dropped in value.

No Appraisals and No Underwriting- Your refinance

process will be much faster and smoother without

having to get an appraisal or having to get your loan

underwritten.

Modified Fees- Some risk based fees have been reduced

for borrowers who refinance into a shorter term loan.



Less Paperwork- Now when you use the HARP

program to refinance, lenders don’t require income

verification making for a lot less paperwork.

Program Deadline- Act fast if you’re contemplating

the HARP refinance program, because it’s set to end

December 31, 2016.



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C L I C K H E R E



Justin McHood is Americas MortgageCommentator and has been providing

Mortgage commentary for over 10 years.

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HARP Loan Program Eligibility

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