Since HARP mortgages are backed by Fannie Mae and Freddie Mac, the underwriting process will resemble that of any other conventional mortgage. There will be loan disclosures to sign and supporting financial documentation to remit. To your question: If you had a Fannie Mae or Freddie Mac loan, you'd qualify for a refinance under the new guidelines set forth under President Obama's Making Home Affordable plan.Under the. The first step is to figure out if your mortgage is owned by Fannie Mae or Freddie Mac. Fortunately, both agencies have an online tool you can use to see if either of them own your mortgage.

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Homeowners that have a mortgage owned by Fannie Mae or Freddie Mac—also called a conventional mortgage loan—and who owe more on the loan than the home is worth may qualify for a HARP refinance. That refinance can result in significant savings by reducing your monthly payment or lowering your interest rate.

• The current loan-to-value ratio (LTV) of the property must be greater than 80%. • The homeowner must benefit from the loan by either lower monthly payments or movement to a more stable product (such as going from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage). HARP 2.0 and PMI Many people who purchased their home with a down payment of less than 20% of the purchase price were required to have private mortgage insurance (PMI).

HARP® is also known as the “Obama Refinance Plan” and in 2013, it is probably the most popular refinance program because of the number of people who can qualify thanks to relaxed underwriting guidelines. The key component to being eligible for a HARP® refinance is to find out if your loan is owned by Fannie Mae or Freddie Mac. If it is owned by Fannie Mae or Freddie Mac, then you possibly can qualify for a HARP® refinance. If it is a FHA or VA loan, then you won’t qualify for the HARP® refinance program. FHA Streamline Refinance: No Appraisal Required If you currently have an FHA loan and you owe more than your home is worth, then you will not qualify for the HARP® refinance and you will need to find a lender who can help you with the FHA streamline refinance program.

It’s also an effort to curb loan churning. Next steps for borrowers with high LTV mortgages Folks who qualify for HARP should talk to their financial advisor or lender about the benefits and risks of refinancing their mortgage.

This offering is designed to assist borrowers who are making timely mortgage payments, but have been unable to refinance due to declining property values. A portion of this offering, mortgages with loan-to-value (LTV) ratios greater than 80 percent, represents our business implementation of the Home Affordable Refinance Program® (HARP). With no maximum LTV ratios, relief from standard mortgage insurance, simplified appraisal requirements, and the ability to submit through Loan Product Advisor®, you can refinance more borrowers into mortgages that better position them for long-term homeownership success. Mortgage Being Refinanced Eligibility Requirements Mortgage Requirements • The mortgage being refinanced must: • Be a first-lien, conventional mortgage currently owned or securitized by Freddie Mac. • Have a note date on or before May 31, 2009. • Be seasoned for at least three months.

Contact a mortgage lender to find out more. HARP does not allow you to reapply if the mortgage has already been refinanced under HARP.

Mortgage rates are volatile and are subject to change without notice. Soul food recipes for mac and cheese. All rates shown are for 30 day rate locks with one point for an owner-occupied primary residence unless otherwise noted. Extended locks are available; prices will vary accordingly. The APR for 30-Year Conventional Fixed-Rate Mortgage loan amounts is calculated using a loan amount of $417,000, one point, a $495 application fee, $350 appraisal fee, $799 underwriting fee, a $16 flood certification fee, and a $20 credit report fee. The APR for 15-Year Conventional Fixed-Rate Mortgage loan amounts is calculated using a loan amount of $417,000, one point, a $495 application fee, $350 appraisal fee, $799 underwriting fee, a $16 flood certification fee, and a $20 credit report fee.

Please enter your information carefully, a spelling error or other small mistake could cause an inaccurate result. Abbreviations, typos, or including the 'Street Type' in the 'Street Name' field can also lead to inaccurate results. To learn why Freddie Mac requires your social security number, If Freddie Mac does not list your loan in their system, click over the page to check there as well.

Under HARP, however, eligible borrowers will be strengthening their household balance sheets and lowering their credit risks to Fannie and Freddie. For this reason, the FHFA believes that the elimination of reps and warrants will encourage more lenders to participate in HARP and provide more borrowers with refinance opportunities.

The result was their ARMs began adjusting higher years down the road and unprepared borrowers found themselves unable to make their payments. But ARMs can be very useful loans when understood and utilized properly. Paying a premium for 30 years mortgages While 30 year mortgages are currently the most popular form of mortgage, they come at a cost. There is a premium, in the form of a higher interest rate, to be paid for the guarantee of keeping a rate fixed for 30 years. For homeowners who keep their mortgage a over the course of decades, that premium is well worth the security of a long term fixed rate. But the reality is that most people sell their home or refinance within 5 years of getting their mortgage. So most folks get a higher rate for the right to have a fixed rate for 30 years but then end up selling or refinancing a couple of years later anyway.