This page will give you the information that you need to find out if you are eligible for the HARP refinance mortgage program. You will also have the ability to request a no obligation mortgage rate quote from a participating lender
What is HARP?
HARP : Home Affordable Refinance Program. The program is also commonly referred to as the "Obama Mortgage Plan" "DU Refi Plus" and "Making Home Affordable"
The HARP program was developed to allow homeowners who are in good standing on their mortgage the opportunity take advantage of record low interest rates without having to pay PMI (private mortgage insurance). In order to be eligible for the HARP program, your loan must be backed by Fannie Mae or Freddie Mac. There is no way of you knowing if this is the case by looking at your mortgage statement, since you do not pay your mortgage directly to Fannie or Freddie. You pay your mortgage to mortgage servicer such as Wells Fargo, Bank of Americe or GMAC just to name a few. To find out if you have a Fannie Mae or Freddie Mac mortgage you can click here to find out if Fannie Mae or Freddie Mac owns your mortgage loan.
If Fannie Mae or Freddie Mac owns my loan, am I eligible?
Maybe. Just because Fannie or Freddie is the owner of your mortgage, you are not automatically eligible. You will still need to meet a series of criteria to be eligible for a HARP refinance
What do I have to do to be eligible for the Obama Mortgage plan?
If your mortgage has been in good standing for the previous 6 months and 11 of the past 12 month and it was originated prior to 6/1/2009 you are eligible for the program. Lender specific underwriting criteria will still apply
I am upside down on my mortgage, do I need an appraisal?
Yes and No. The Government has recently lifted the LTV (loan to value) restrictions on the HARP program. This means that the value of your property is now irrelevant when determining eligibility for the DU refi plus program. Most lenders will still do an automated appraisal, which is different from a standard appraisal in that an appraiser is not required to do a full inspection of your property. It does remain to be seen is if lenders will honor this. Under the old guidelines for HARP, borrowers were allowed to borrower up to 125% of the value of their home, yet the majority of lenders capped the LTV at 105% or 110%. The Government relaxed the guidelines, but guidelines are not rules. Each individual lender ultimately determines the rules by which they will lend.
How do HARP rates compare to regular mortgage rates?
HARP rates are virtually identical to traditional conforming mortgage interest rates. You will still be subject to LLPA's (loan level price adjustments). LLPA's take into account risk factors such as credit score and property type.
What if I am ineligible for a HARP refinance?
You can still look into a traditional refinance with an appraisal. If you currently have an FHA loan, you can apply for an FHA streamline mortgage. If you have VA loan eligibility, you can apply for a VA mortgage or a VA IRRRL (VA streamline mortgage). Click here to contact me for a mortgage consultation.
CLICK TO REQUEST A HARP MORTGAGE RATE QUOTE
