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HARP Mortgage Overview HARP is a component of the Making Home Affordable program which was put forward by the Obama administration. Introduced by the
[See the full post at: Home Affordable Refinance Program (HARP) Fact Sheet]
Anne WrenGreat. So what about those of us whose loan is not owned by fanny or freddy? I did not choose who my investor was….
PamI’d like to know more about the HARP Program. I under the guidelines that you have listed but I am interested in selling my house, not refinancing. Please let me know
JamiePam, The HARP program is only is only designed to refinance their homes. If you are under water on your home and need to sell, Look into doing a short sale.
Dave DillonI refi my loan in March of 2010 at 5%. At the time that was a good rate, now rates are down to 4%, can I refi again under Harp rules?
Chargers FanNot under the new HARP guidelines.
Stephenwhat are the interest rates for HARP. Are there any fees asscoiated with the HARP? Are there income criteira?
BlancaWould you please tell me:
1. if under HARP I can refinance my Coop in New york ?
2. I have to deal only with Harp lenders ?Thank you, Blanca
RedgeyI have read some of the comments but the one question that I have that I haven’t read a comment for is; If I have an interest only loan that has a PMI that I can’t get out of and the house is worth less than I’m paying for, and I haven’t missed any payments and my credit is good, is this program for me and how will I get started?
FrankWhat about mortgage insurance, if you have it, what is the new rate for the insurance.
SteveI don’t know why the loan must be submitted prior to May30th,2009.It seems people like myself are being left out or penalized because our loan was submitted to Fannie “late” or after June 1st, 2009. I don’t get it.
Yes, your PMI would moved to the new loan which it sounds like you would be eligible.
If your current mortgage is insured by Fannie or Freddie it should not be a problem.
The MI rate is determined by the MI company you use.
LindaWe purchased our home in 2007 and it is now worth about 50% of the original value. I did a loan mod nearly 2 years ago and there is a huge deferred principle that will make it impossible for me to sell my home without doing a short sale. Does HARP refi at at current value with no deferred principle? If not, is there a program that will?
Wanda McDayMy mortgage is own my freddie mac, but what if my mortgage company does not help me with HARP what are my other options?
Chargers FanYou can use any lender that is participating in the program.
DavidI seem to meet all the requirements for HARP. My question is, I don’t currently have PMI, because when I got my loan I had 20% equity or greater. If I refinance, I won’t. Will I then be required to obtain PMI? This could be a breaking point, and not worth the effort.
GailI left a message on this site as to why Freddie Mac blocked my loan at the computerized underwriter level. I have met all the requirments for a HARP re-fi and yet Freddie Mac blocks it. No PMI, no outstanding debt, qualifing income and my LTV is 125%. Freddie Mac owns the loan yets blocks the final step. WHY???????
MikeI went to set up Harp 2 in early December, but the fellow at my credit union tells me things won’t be set up until late January, the later he said April. Is that so? When can we move on this?
thanks, Mike
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