Updates to the program (commonly known as HARP 2.0) have allowed for unlimited loan to value, no minimum credit score requirement, and relaxed credit guidelines.
The typical loan-to-value restrictions are waived, meaning you can owe more on the mortgage compared to what your home is worth.
If your existing mortgage does not have mortgage insurance you will not have mortgage insurance on the new loan even if the loan to value is over 80%.
Your existing mortgage must be current for the last 6 months, our minimum fico is a 580 score, which is much lower than standard credit scores of 640 +
In many cases an appraisal is not needed. We can let you know within 24 hours whether or not an appraisal is required.
In most cases we only require 2 pay stubs for W-2 borrowers and 1 year tax returns for self-employed borrowers.
The debt-to-income requirements are less stringent than a typical conventional loan, allowing more homeowners to qualify for refinancing.
To be eligible for the program, your existing loan must be backed by Fannie Mae or Freddie Mac, and must have been sold to one of these 2 agencies on or before May 31, 2009.
To find out if your loan is owned by Fannie Mae or Freddie Mac, check the following self-lookup tools:
Please note that an address mismatch in the Fannie or Freddie database may cause a false mismatch on the self-service lookup. Please contact us and we can confirm your HARP eligibility.
The HARP program is available to all property types, including primary residences, second homes, and investment properties
Contact us today to receive more information.
We will contact you within 24 hours to review your options.