As the report points out, HARP eligibility is limited for the 2.5 million active gse mortgages with current loan-to-value ratios above 80% due to the requirement that loans must have been originated.
The HARP Loan is designed to help you get a new, more affordable, more stable mortgage. HARP Loans are refinance loans that still require a loan application and underwriting process, and some refinance fees will apply. A HARP LOAN is much more homeowner friendly and the process is more streamlined than a traditional loan.
A critical part of Fannie Mae’s role in the Making Home Affordable Program is the Home Affordable Refinance Program (HARP), available for refinances of existing Fannie Mae (and Freddie Mac) loans. The goal of the refinance effort, as announced by the President, is "to provide access to low-cost refinancing for responsible homeowners suffering.
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One of the most important requirements for HARP is that your loan must be owned or guaranteed by either Fannie Mae or Freddie Mac. This is true regardless of the specific lender you pay each month. You can use the simple online forms to determine if your loan is owned by Fannie Mae or owned by Freddie Mac. Each form requires a name, address, and the last four digits of your social security number.
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Because there are no loan-to-value restrictions, no value calculation is necessary. So how do you know if you qualify? Under HARP 2, here are the requirements: If the loan is owned by Fannie Mae or.
Below, we look at the guidelines as at 2017. HARP Loan Program Eligibility A homeowner whose property is backed by Fannie Mae or Freddie Mac, perfectly fits to get the HARP refinance loan. The HARP loans not only cover primary homes, but also vacation and investment loans.
If your loan meets these criteria, you could be eligible for HARP: Your loan must be owned or backed by Fannie Mae or Freddie Mac. Your loan must have closed on or before May 31, 2009. You must have a good history of keeping up with your mortgage payments.
A HARP loan is short-hand for the Home Affordable Refinance Program that was created after the 2008 mortgage crisis by the Federal Housing Finance Agency (FHFA). The goal of HARP loans is to help homeowners who have little to no equity in their homes to refinance their mortgage.