HARP is a mortgage refinance program through Making Home Affordable (MHA) by the Departments of the Treasury and Housing and Urban Development (HUD). It was created to help homeowners current on their mortgage but who can not refinance because the value of their home has declined below the balance of their loan. Home Affordable Refinance Program (HARP) details for the Newburyport MA area is offered in this blog.
Home Affordable Refinance Program (HARP) Details For The Newburyport MA Area
HARP is a critical option for homeowners who may have no other refinance option or who may otherwise run the risk of foreclosure. It not only offers the ability to refinance at reduced interest rates but also to eliminate mortgage insurance. These two changes may dramatically lower monthly mortgage payments. Closing fees do apply and may vary from lender to lender. Some costs can be included in the mortgage to reduce up-front cash required for the closing. HARP is an important program that has already assisted many homeowners.
HARP Qualification Criteria
Homeowners interested in HARP must first meet several preliminary guidelines. This is for informational use only and does not on any level imply approval for a mortgage.
- You must NOT be behind on your loan.
- You must maintain good payment history for the last year.
- Your mortgage must be owned by Fannie Mae or Freddie Mac. Note that this is different from the company that services your loan.
- The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
- The mortgage company performing the refinance must be approved by Fannie Mae or Freddie Mac.
- Your loan amount must be more than 80% but lower than 125% of the market price of the property.
- You must refinance before December 31, 2013.
Getting Started with HARP
If you can not refinance using other means and would like to evaluate the HARP program, there are a few steps that you should take. You must first find out whether your existing loan is guaranteed by Fannie Mae or Freddie Mac and if so, if it occurred prior to the May 31, 2009 date. Call the mortgage company servicing your mortgage to get this information. You may then identify a company approved by Fannie Mae or Freddie Mac for the refinance. Depending on your loan type, you may not need not use the existing mortgage provider, although you have the option to do so if they are an approved company. You will be asked to submit a formal mortgage application and be subject to the approval process. After the mortgage company reviews the your personal information, the details of the current loan, and the property specifics, they will let you know whether your loan is approved.
For further Home Affordable Refinance Program (HARP) details for the Newburyport MA area, contact John Wells at Wellsco Realty by calling 978-518-1481 or emailing email@example.com.