who qualifies for harp loan

Michigan has so many areas where homeowners could qualify for a HARP refinance that some lenders from various parts of the country are using public records to target mailings to area homeowners. The.

In order to be eligible for HARP your mortgage loan should be owned by Fannie Mae or Freddie Mac. The majority of mortgages are owned by Fannie or Freddie, they own about 90% of all conventional mortgage loans.

Do I qualify for HARP? A HARP loan looks a lot like any other mortgage. 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.

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While HARP was created to help homeowners struggling with high mortgages, it was not designed for those already behind on their mortgages, or those who have filed, or are in the process of filing, for foreclosure. As such, if you have missed one or more mortgage payments, you will not be able to qualify for a HARP loan.

HARP mortgage originations rose almost 93 percent from 2011’s. but some homeowners who have been turned down for the program may now qualify, he said. "It will be a noticeable, positive change for.

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Sounds great, but who qualifies? People who qualify for a HARP mortgage all meet a certain set of requirements: They are current on their mortgage. Their home is a primary residence, 1-unit second home, or 1-to-4 unit investment property. They got their loan on or before May 31, 2009. Their mortgages are backed by Fannie Mae or Freddie Mac.

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To qualify for HARP, you must meet the following criteria: fannie/freddie involvement – Your mortgage must either be guaranteed or owned by Freddie Mac or Fannie Mae, and it must have been in Fannie’s.

To qualify for a HARP refinance, Hosterman says your current loan must be a Fannie Mae- or Freddie Mac-backed mortgage. You can enter your loan information (your name, address and the last four digits of your Social Security number) into Fannie mae loan lookup or Freddie Mac Loan Look-Up tools to determine its status.

Remember – while HARP may allow you to get better terms, it has closing costs just like any other refinancing program, so you must take them into account when checking your loan options. To qualify.

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