HARP Refinance Program Loveland
How is the HARP Refinance Program different?
HARP simply stands for “Home Affordable Refinance Program” and was implemented in April of 2009. It is designed to help “underwater” homeowners refinance and take advantage of historically low interest rates. Your loan must be owned by Fannie Mae or Freddie Mac in order to take advantage of the program.
To find out if your loan is owned by either of the aforementioned government agencies you need to look up your address at both of the following websites:
Fannie Mae:
Freddie Mac: (requires last 4 of primary borrowers social security number)
FHA, USDA or a Jumbo loans are not eligible for the HARP Refinance Program.
HARP Refinance Program Loveland
Questions and Answers
Is the HARP Refinance Program synonymous with the “Making Home Affordable Program”?
HARP and “Making Home Affordable Program” are one in the same.
I have determined that my loan is owned by Fannie/Freddie, so now what do I do?
You need to call a local lender who can get you qualified to take advantage of the program. Keep in mind that not all lenders are able to work with the HARP program so find that out first before you give them all your information.
My mortgage is backed by one of the “Major” lenders, so does that make me eligible for the HARP Refinance Program?
Not necessarily. Most home owners think that since they are sending their payments to “The Big Bank” that they actually own their loan, when in fact they are just the servicer who collects your payments for Frannie/Freddie. It is best to use the look up tool to find out exactly.
What if neither Fannie nor Freddie owns my loan?
If your loan is NOT owned by either Fannie/Freddie then you may still be eligible for refinancing through other programs. One being the FHA streamline refinance where an appraisal is NOT required as long as you currently have an FHA loan.
Are mortgage rates the same under the HARP refinance program?
Yes, there are no “Premium” price adjustments so you will be offered the lowest rates based on your credit criteria as are offered to anyone else.
If I’m behind on my payments; am I eligible for HARP?
No, you must have made the last 6 months of payments on time and have only been 30 days late 1 time in the past 12 months.
I pay mortgage insurance as part of my payment. Do I have to continue to pay it with the new lender?
Yes. The mortgage insurance will transfer to your new loan but you will not have to pay a higher premium as a result.
I DO NOT pay mortgage insurance now so will I have to pay mortgage insurance with the new HARP 2 loan since my LTV (Loan to Value) is a lot higher?
No, you will NOT have to pay mortgage insurance if you currently do not pay it.
How much of a mortgage can I get with the HARP 2 refinance program?
HARP loans limited to conforming loan limits which can be vary based on what city the property is in. Generally speaking they are capped at $417,000 but can go as high as $625,000. It’s best to check with your lender to determine the correct limit.
I have an investment property, am I eligible for the HARP refinance program?
Yes you are! You can also refinance a second or vacation home as well under the new HARP 2 guidelines.
Are CONDO’s eligible for the HARP refinance program?
Yes, they are, however, the Warrantability standards still apply. Check with your lender to determine condo eligibility.
Other HARP Refinance Program Ft Collins Notes
Can I roll the closing costs in the HARP refinance program?
Yes, you can roll closing costs into the loan as long as you do not go over the loan limits set for your specific city.
I’m unemployed and have no income. Am I eligible for the HARP refinance program?
Yes you are eligible as long as your new payment does not increase by more than 20 percent.
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