If you believe you can never get too much of a good thing, the Federal government disagrees with you. The Home Affordable Refinance Program expires on December 31st, 2015 so why not take advantage of a harp loan program that makes your home more affordable today?
There are two types of HARP loans: Freddie Mac Open Access Loans and Fannie Du Refi Plus
If your house has declined in value and you haven’t missed a mortgage payment, a Home Affordable Refinance Program, or HARP, might be a good option for you. HARP enables you to get a new, more affordable and more stable mortgage.NOTE THAT HARP LOANS EXPIRE ON DECEMBER 31, 2015.
What is a Freddie Mac Open Access Loan?
This loan is designed to assist borrowers who are making timely mortgage payments, but have been unable to refinance due to declining values.
What is a Fannie Du Refi Plus HARP?
This program allows homeowners to refinance even if the value of your home is now less than the amount you still owe on your existing mortgage.
Who can qualify for HARP Loan Program?
- Your current mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae.
- Your mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
- Your mortgage cannot have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009.
- Your current loan-to-value (LTV) ratio must be greater than 80%.
- You must be current on the mortgage at the time of the refinance, with a good payment history in the past 12 months.
A HARP loan offers the following advantages:
- Upside down equities are welcome
- No appraisal requirement
- Flexible on debt-to-income ratio
- Flexible on derogatory credit
- No prepayment penalty
- All fixed and flex terms available
- All ARM’s available
- Mortgage “late” are welcome
The following documents are typically needed in order to process your home loans:
- Clear and visible copy of valid State ID’s: Driver’s License
- Home Owners Insurance Declaration page. (Document showing the annual premium, coverage and effective dates)
- Current Mortgage Statement
- All 1099’s for the last 2 years.
- All W2’s for the last 2 years.
- Complete and signed Tax Returns for the last 2 years (all pages and schedules).
- 2 most recent pay stubs
- A copy of the Mortgage Note – (This document can be found in the loan docs you signed on your last refinance) - If you cannot locate it we can call your lender together and have them fax it to us.
- HOA statement and payment history showing that your dues are current. (If applicable)
- Letter of Explanation (included in this package) for credit inquiries to be signed.