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what are the qualifications for a harp loan

The new government-sponsored harp 2 program will allow for many home loans to be refinanced. Find out if your mortgage loan meets the eligibility requirements.

HARP Program Requirements In order to participate in HARP you need to meet the following requirements: Your mortgage must be owned or guaranteed by Fannie Mae or Freddie Mac You must be current on your mortgage, and cannot have made a payment more than 30 days late in the past year.

Here is the full list of HARP requirements: The mortgage must be owned or guaranteed by Fannie Mae or Freddie Mac. The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009. Borrowers must be current on their mortgage payments with no payments more than 30 days late.

You may only use the HARP program on the same property once. So if you’ve had to refinance your home through this program before, you won’t be able to refinance a second time. Origination Date. Your mortgage loan must have an origination date on or before May 31, 2009, to meet the requirements for the loan.

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What Can HARP Do For You? – In those areas many borrowers had mortgage balances that greatly exceeded the value of their homes and could not qualify for assistance.

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The HARP program is designed to help homeowners who owe too much on their mortgage to qualify for a traditional refinance loan. With HARP, homeowners can refinance from a variable interest rate to a fixed rate and avoid paying for private mortgage insurance.

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Certain criteria must be met to qualify for HARP. While there may be additional criteria imposed by the mortgage servicer, the government requirements are as follows: The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae.

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Qualifications For Harp Loan – If you are looking for an online mortgage refinance service, then we can help you. Find out how low your payments can go.

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There will be two new loan programs created by Fannie Mae and Freddie Mac that will replace the HARP program, which expires on December.