HARP has no maximum LTV ratio for borrowers who obtain a new fixed-rate mortgage, a maximum LTV ratio of 105 percent for borrowers who get a new adjustable-rate mortgage, and a minimum LTV ratio of 80 percent for all loan types.
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The HARP loan requirements are: Your loan must be backed by Fannie Mae or Freddie Mac. Your current mortgage must have a note date of no later than May 31, 2009;
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The original HARP program had a number of requirements that made qualifying difficult, including the amount by which you could be underwater on a mortgage, which was set at only 5 percent (i.e. your.
Eligible loans identified in DU receive increased underwriting flexibilities, including expanded eligibility criteria and DU minimum documentation requirements. Origination and Delivery Deadlines At the direction of FHFA, Fannie Mae will offer DU Refi Plus/Refi Plus loans through Dec. 31, 2018 to ensure that eligible borrowers can take advantage of the existing HARP program.
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Prior to the HARP loan program being established, only mortgages with a loan-to-value ratio of 105% could qualify. HARP makes it possible to get the following four benefits: A lower mortgage interest rate; A lower monthly mortgage payment; A fixed-rate mortgage instead of an adjustable-rate; A shorter loan length (i.e. 15 years instead of 30 years)
Your monthly mortgage insurance cost will not go up, and often may come down. Borrowers with LPMI can now refinance. These are borrowers who put a down a small amount when they bought their house and opted to take a higher interest rate instead of a monthly mortgage insurance premium. Find out if you qualify for a HARP loan today!
HARP is a federal program to help responsible, underwater and near underwater homeowners refinance their mortgages to a lower rate. Through HARP, homeowners that have loans owned by Fannie Mae or Freddie Mac on or before 5/31/09, and have been current on their mortgage payments, may qualify for harp refinance rates.
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· The basics of the HARP 2.0 mortgage. HARP was meant to give homeowners access to a refinance despite having little or no home equity. The eligibility test for HARP was basic. In order to qualify for HARP, homeowners had to show their current mortgage was backed by Fannie Mae or Freddie Mac on, or prior to May 31,