HARP Loans

Fannie Mae and Freddie Mac have adopted changes to the Home Affordable Refinance Program (HARP) and you may be eligible to take advantage of the new enhancements to this program. The new enhancements have been implemented to allow more homeowners access to refinancing options (lower interest rates or reduced terms) they would not qualify for under traditional programs due to owing more than the current value of their home.
What are the benefits of the HARP program?
     • Lower monthly mortgage payments
     • Lower interest rates (regardless of how much you owe)
     • Interest savings over the life of the loan when refinancing to a reduced term
     • No mortgage insurance on the refinanced mortgage if there is none on the current mortgage
     • Appraisal waivers in certain situations
     • Fast closings

How do I find out if I may be eligible for the HARP program?
If your existing mortgage is owned or guaranteed by either Fannie Mae or Freddie Mac, you may be eligible to refinance your mortgage under the enhanced and expanded provisions of HARP. You can determine whether your mortgage is owned by either Fannie Mae or Freddie Mac by checking the following websites: 


Additional requirements for possible eligibility:
     • Your existing mortgage was originated on or prior to May 31, 2009
     • You have not previously refinanced under the HARP program
     • You are not past due on your existing mortgage, have not had any 30-day late payments during the past six months or more than one 30-day (or more) employment and income qualification guidelines and verification are required under the HARP program.

If you'd like to learn more about if you're eligible for HARP, contact us today.