How do I know if I'm eligible for the H.A.R.P. Program?
You may be eligible for a HARP refinanced if:
- 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.
- The mortgage CANNOT have been refinanced under HARP ® previously unless it is a Fannie Mae loan that was refinanced under HARP ® from March-May, 2009.
- The borrower MUST be current on the mortgage at the time of the refinance, with no late payment in the past six months and no more than one late payment in the past 12 months.
- You have a reasonable ability to pay the new mortgage payments.
- The refinance improves the long term affordability or stability of your loan.
Both Fannie Mae and Freddie Mac have established toll-free telephone numbers and web submission processes to make this data available. Homeowners can enter information to determine if either agency owns or guaranteed the loan. This information is not a guarantee of eligibility for a refinance under HARP ®, as other qualifying criteria must also be met.
For Fannie Mae:
For Freddie Mac:
Condominiums are already eligible under HARP® and, under the enhanced program, condominiums that originally met Fannie Mae/Freddie Mac requirements remain eligible.
A Personal Mortgage Advisor will ask you some simple qualifying questions and then have you complete an application, just like a traditional mortgage transaction. It helps speed up the process when you have the necessary documents ready for the Personal Mortgage Advisor. Here is a short list of the most common documents requested:
- Information about the monthly gross (before tax) income of all the homeowners on your loan, including recent pay stubs if you receive them, or documentation of income you receive from other sources
- Your most recent income tax return
- Information about any junior lien mortgage on the house
- Account balances and minimum monthly payments due on all of your credit cards
- Account balances and monthly payments on all your other debts
No. The Home Affordable Refinance will not return cash to the borrower for the purpose of paying other debts.