The HARP Phase 2 program was designed to help homeowners who are looking to refinance but have lost some to all of their equity in their home. It only applies to homeowners who currently have a Fannie Mae or Freddie Mac owned loan, but that does not mean HARP is a homeowners only choice. Call Mortgage Master, your HARP lender in Washington to discuss your options.
If you’re not behind on your mortgage payments but have been unable to get traditional refinancing because the value of your home has declined, you may be eligible to refinance through MHA’s Home Affordable Refinance Program (HARP). HARP is designed to help you get a new, more affordable, more stable mortgage. HARP refinance loans require a loan application and underwriting process, and refinance fees will apply.
You may be eligible for HARP Phase 2 if you meet all of the following criteria:
- The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae.
- The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
- The mortgage cannot have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009.
- The current loan-to-value (LTV) ratio must be greater than 80%.
- The borrower must be current on the mortgage at the time of the refinance, with a good payment history in the past 12 months.
- Program ends December 31, 2013
- Determine whether your mortgage is owned or guaranteed by Fannie Mae or Freddie Mac by visiting their respective Loan Lookup Tools.
- Contact your current mortgage servicer or another that is approved by Fannie Mae or Freddie Mac to inquire about HARP.
If you have additional questions about getting mortgage help, contact Home Front Mortgage your HARP lender in Washington to see if you are eligible for HARP or other refinance loan programs.
To clarify one fact about HARP that many homeowners do not know, YOU DO NOT NEED TO USE YOUR CURRENT LENDER TO GET A HARP LOAN in Washington. Shop your HARP loan like any other refinance. A very small handful of lenders will do a HARP loan with PMI. Also, HARP is not limited to homeowners only. You can use HARP on 2nd homes and investment properties as long as the loans are owned by Fannie Mae or Freddie Mac. In fact, they are actually perfect for investment properties.
Call Mortgage Master your HARP lender in Washington to see if you are eligible for HARP.