requirements for harp loan

HARP is a government-backed program designed to help homeowners who without it might find their mortgage refinance applications declined. You’re especially likely to benefit if you have "negative equity" (the market value of your home is less than the balance left on your mortgage) or if you.

HARP Continues To Present Opportunities – Loan-to-value (LTV) restrictions. In the case of those with high LTV ratios, eligibility and qualifications requirements have changed, and previous harp borrowers may have uncovered equity or may.

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HARP –  · HARP-the Home Affordable Refinance Program-was created by the federal housing finance Agency specifically to help homeowners who are current on their mortgage payments, but have little to no equity in their homes, refinance their mortgage – that is, they owe as much or more than their homes are currently worth – are eligible for a HARP.

The HARP mortgage is a home loan refinance program launched in March 2009, which gives homeowners whose homes have lost value the ability to refinance to current mortgage rates without incurring.

HARP Refinancing Program Check Your HARP Eligibility On a HARP loan, there is no maximum loan-to-value set by Fannie Mae or Freddie Mac. The exception is that Freddie sets a maximum loan-to-value of 105% when the new loan is an adjustable rate. Loan-to-Value, or LTV, is the proposed new loan compared to the property’s value.

 · Here is the full list of HARP requirements: The mortgage must be owned or guaranteed by Fannie Mae or Freddie Mac. The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009. Borrowers must be current on their mortgage payments with no payments more than 30 days late.

 · To qualify for a HARP refinance now, you must meet these requirements: Your mortgage must be a Fannie Mae or Freddie Mac loan. You mortgage must have been originated on or before May 31, 2009. The amount of your loan to the value or your home, called the loan-to-value ratio, must reach 80 percent or more.

HARP Guidelines – What is HARP | HARP Program – HARP Guidelines and Eligibility criteria. Several criteria must be met to qualify for the HARP Program. While there may be additional criteria imposed by lenders, the basic government requirements are as follows: The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae. This is a big one.