HARP is a home refinance program through Making Home Affordable (MHA) by the Departments of the Treasury and Housing and Urban Development (HUD). It was created to help homeowners current on their mortgage but who can not refinance since the market value of their real estate has reduced below the balance of their mortgage. Home Affordable Refinance Program (HARP) benefits for the Florida area is offered below.
Home Affordable Refinance Program (HARP) Benefits For The Florida Area
HARP is a critical option for homeowners who would have no other refinance option or who may otherwise run the risk of foreclosure. It not only provides the means to refinance at lower interest rates but also to eliminate mortgage insurance. These two factors may significantly lower monthly payments. There are closing charges involved which differ from lender to lender. Most charges may be rolled into the loan to reduce up-front money needed to close. HARP is an important program that has already helped many homeowners.
HARP Qualification Criteria
Homeowners interested in HARP must first meet several basic criteria. This is for informational purposes only and does not on any level imply approval for a mortgage.
- You must be current on your loan.
- You must have good payment history over the previous 12 months.
- Your mortgage must be owned by Fannie Mae or Freddie Mac. Note that this is different from the name of the company that services your loan.
- The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
- The mortgage company performing the refinance must be approved by Fannie Mae or Freddie Mac.
- Your mortgage amount must be more than 80 percent but less than 125 percent of the market value of the property.
- You must complete the process before September 30, 2017.
Getting Started with HARP
If you are unable to refinance using other means and would like to consider the HARP alternative, there are a couple steps that you should take. You must first identify whether your existing loan is owned by Fannie Mae or Freddie Mac and if so, if it occurred before the May 31, 2009 cut off. Call the mortgage company servicing your mortgage for this information. Next locate a company authorized by Fannie Mae or Freddie Mac for the refinance. Depending on your loan type, you may not need not use the existing mortgage provider, although you may do so if they are an approved company. You will be required to start a formal mortgage application which includes an underwriting process. After the lender reviews your personal paperwork, the details of the current mortgage, and the property information, they will let you know your approval status.
For additional Home Affordable Refinance Program (HARP) benefits for the Florida area, contact Sonny Solomon at The Keyes Company by calling 561-247-1047 or emailing sonny@sonnysolomon.com. You may also go to the government site at http://www.makinghomeaffordable.gov/.
