Here are some fast facts about the HARP replacement programs:.
Only existing mortgages that can be improved with a refinance are eligible. The new mortgage must offer at least one of these benefits:. Borrowers can also refinance multi-unit homes, second homes and investment properties under the program, with lower minimum loan-to-value requirements:.
So if the loan balance on your primary single-family residence exceeds 95 percent of the current property value, you are eligible for the Enhanced program. If your loan application can be underwritten electronically as in most cases , you may be eligible for an appraisal waiver. Per Fannie Mae: Otherwise, an appraisal with an interior and exterior inspection is required. If an appraisal is obtained, it must be used for valuation even if a waiver is offered by DU. Both programs indicate that if you already have mortgage insurance, it must be transferred to the new loan at the same coverage rate.
What is HARP and do I qualify for a HARP loan?
That suggests that you are better off not providing any more information than requested, and the lender may not request much. Both programs primarily use their automated underwriting software programs to underwrite these refinances, but also indicate that they will accept manual underwriting when warranted — such as for victims of identity theft or those with little-to-no credit history.
Usually, the automated systems determine the required documents after analyzing the application and calculating its risk. Or you may be asked to supply a pay stub and bank statement.
Refinance rates are subject to the ups and downs of the economy, and can even change more than once a day. Refinancing programs including the new Home Affordable Refinance Program HARP may require that you determine who the investor for your mortgage is to see if your loan is eligible.
Home Affordable Refinance Program (HARP©) 2.0
You cannot assume that your investor is the mortgage servicer that collects your payments each month because there is a difference between servicer and investor. Your mortgage services collects your monthly mortgage payments and services your account while passing the payments to the investor that holds your loan. They receive a small compensation for completing these task on behalf of your mortgage investor. Ready to get started on a Freddie Mac Open Access refinance?
Freddie Mac Loan Lookup Tool
Take advantage of todays amazingly low mortgage rates by refinancing your mortgage if you're an underwater homeowner. First you need to determine if Freddie Mac owns or guarantees your loan. Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders.
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Since our creation by Congress in , we've made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders and taxpayers.