Call us for professional advice about HARP refinance rates in Kentucky 502-405-8834
In 2009 the United States governments Federal Housing Finance Agency created the Home Affordable Refinance Program (HARP). It’s designed exclusively for homeowners needing to refinance homes where the balanced owed is more than their appraised value. After the real estate crash of 2006 there were widespread drops in real estate values across most of the US.
Typically a bank requires a loan to value ratio of 80% or less before a home owner can refinance and take advantage of lower rates and not still have to maintain private mortgage insurance (PMI).
This kept a lot of people from being able to take advantage of dropping interest rates and had a negative effect on the housing industry as a whole. Since the initial start of the program in 2009 it has been revised.
The new program (HARP 2.0) was launched in 2011 and further eases the qualifications so that more American home owners can participate. To learn more about HARP and how it could potentially make refinancing your current mortgage more affordable call us for a consultation of fill out our contact us form and we will set a convenient time discuss your options.
Do you qualify for HARP assistance?
Listed below are are the US government requirements for qualifying for HARP assistance. There may be additional stipulations required by the mortgage servicer. Please review the list and if you have any questions or concerns you can always reach is at 502-405-8834
- The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae. Many homeowners are unaware that their mortgages are linked to one of these organizations, since neither Freddie Mac nor Fannie Mae deals directly with the public.
- The mortgage must have been acquired by Freddie Mac or Fannie Mae on or before May 31, 2009.
- The homeowner must not have a previous HARP refinance of the mortgage, unless it is a Fannie Mae loan that was refinanced under HARP during March-May 2009.
- The homeowner must be current on their mortgage payments, with no (30-day) late payments in the last six months and no more than one late payment in the last twelve months.
- The current loan-to-value ratio (LTV) of the property must be greater than 80%.
- The borrower must be current on the mortgage at the time of the refinance, with a good payment history in the past 12 months.
Find out if your mortgage is guaranteed through FannieMae or Freddiemac
For Fannie Mae, visit this website http://www.fanniemae.com/loanlookup/ and type your mortgage information in exactly the way it’s listed. If you don’t find it listed there, try Freddie Mac at this website. https://ww3.freddiemac.com/corporate/
Afterward contact us, we have experience with doing HARP refinance and are here to assist you.
Call us for professional advice about HARP refinance rates 502-405-8834