BEST ANSWER These are some of the qualifications to be elgible for the HARP program. -You are the owner-occupant of a one- to four-unit home. -The loan on your property is owned or guaranteed by Fannie Mae or Freddie Mac
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The HARP program is designed to help homeowners who owe too much on their mortgage to qualify for a traditional refinance loan. With HARP, you can refinance from a variable interest rate to a fixed rate and avoid paying for private mortgage insurance.
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If your loan-to-value ratio is higher or equal to 80 percent and you have very little to no delinquencies over the last 12 months, you may be eligible for HARP. Your house needs to be your primary residence, a single unit-second home, or a one-to-four unit rental property to qualify for refinancing through HARP.
What Is a HARP Loan? | Experian – How to Qualify for a HARP Loan. Homeowners that have a mortgage owned by Fannie Mae or Freddie Mac-also called a conventional mortgage loan- and who owe more on the loan than the home is worth may qualify for a HARP refinance.
If you owe more than the value of your home, try the HARP loan program.. There are, however, a couple of unique requirements that must be met:.
What Does 80 Loan To Value Mean Beginners Guide to Refinancing Your Mortgage. The first loan is paid off, allowing the second loan to be created, instead of simply making a new mortgage and throwing out the original mortgage. For borrowers with a perfect credit history, refinancing can be a good way to convert a variable loan rate to a fixed, and obtain a lower interest.
Do I qualify for HARP? A HARP loan looks a lot like any other mortgage. Since HARP mortgages are backed by Fannie Mae and Freddie Mac, the underwriting process will resemble that of any other conventional mortgage. There will be loan disclosures to sign and supporting financial documentation to remit.
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The other financial requirements are very flexible: HARP is lenient on bankruptcy and previous credit challenges, and super-flexible in the loan-to-value requirement. You can qualify if the.