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Who Qualifies For Harp Loan

A lot of homeowners with underwater mortgages would like to refinance, but they don’t qualify for HARP (the federal Home.

Having already attempted to qualify for a loan and experiencing rejection, one might feel defeated and discouraged from the home buying process. Determining .

HARP – home affordable refinance program.. owe as much – or more – than your home is worth, you may be eligible for a HARP refinance.

HARP (Home Affordable Refinance Program) has been extended until December 31, 2018 with some new guidelines to help homeowners who are underwater.

How to Qualify for a HARP Loan 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.

But who qualifies for this type of loan? Here is all borrowers need to know about the HARP loan eligibility. A harp-approved lender must approve. It is important to note that refinancing an existing mortgage simply means taking out a new mortgage, but at a lower rate, and paying off an older one.

FHA HARP Refinance Program – Blown Mortgage – What this means is that if you are currently in an FHA loan and interested in the HARP refinance because you saw it on TV or saw President Obama talking about it, you really want to do an FHA streamline, not a HARP. You will not qualify for HARP.

Who Qualifies for HARP? In order to qualify for HARP you will need to have a mortgage loan that is owned by Fannie Mae or Freddie Mac. If you have an FHA loan, VA loan, or any other type of Government backed loan you cannot refinance using the HARP program.

There are five basic requirements you must meet to qualify for a HARP loan. The first is your loan must be a Freddie Mac or fannie mae loan. These are both Government Sponsored Enterprises (GSEs).

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The Home Affordable Refinance Program, known as HARP, was designed to allow these homeowners, who usually can’t qualify for new loans, to benefit from the lower rates engineered by the Federal Reserve.

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