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| How To Refinance When Your Home Is Underwater Posted: 12 Mar 2010 06:45 AM PST
HARP's new end date is June 30, 2011. Originally known as Making Home Affordable, HARP aims to help homeowners refinance their mortgage who may otherwise be ineligible because of falling home values. There are 4 basic HARP criteria every borrower must meet:
If you're not sure whether Fannie Mae or Freddie Mac back your mortgage, you can look it up. Fannie's website is http://www.fanniemae.com/loanlookup; Freddie's is http://freddiemac.com/mymortgage. If you don't locate your loan on either website, your mortgage is backed by a third-party and is not HARP-eligible. For homeowners that meet HARP's criteria, there are some underwriting details of which to be aware. First, if your original mortgage does not require mortgage insurance, your HARP mortgage will not require it, either -- regardless of your new loan-to-value. Second, all HARP refinances require income verification. It doesn't matter if your original mortgage was a stated income or no income verification loan. You should expect to produce 1040s and W-2s for your HARP refinance and asset statements, too. And, lastly, second (and third) mortgages may not be "rolled in" to a new first mortgage loan balance. Junior lien holders must agree to remain in a junior lien position, regardless of combined loan-to-value. There is a thorough HARP FAQ section on the government's website, but it's for general questions only. For specific Home Affordable Refinance Program information, first make sure you're program-eligible, then pick up the phone to call your loan officer. HARP is complex enough that you'll want to talk with a human before taking a proper next step.  |
| How To Refinance When Your Home Is Underwater Posted: 12 Mar 2010 06:45 AM PST
HARP's new end date is June 30, 2011. Originally known as Making Home Affordable, HARP aims to help homeowners refinance their mortgage who may otherwise be ineligible because of falling home values. There are 4 basic HARP criteria every borrower must meet:
If you're not sure whether Fannie Mae or Freddie Mac back your mortgage, you can look it up. Fannie's website is http://www.fanniemae.com/loanlookup; Freddie's is http://freddiemac.com/mymortgage. If you don't locate your loan on either website, your mortgage is backed by a third-party and is not HARP-eligible. For homeowners that meet HARP's criteria, there are some underwriting details of which to be aware. First, if your original mortgage does not require mortgage insurance, your HARP mortgage will not require it, either -- regardless of your new loan-to-value. Second, all HARP refinances require income verification. It doesn't matter if your original mortgage was a stated income or no income verification loan. You should expect to produce 1040s and W-2s for your HARP refinance and asset statements, too. And, lastly, second (and third) mortgages may not be "rolled in" to a new first mortgage loan balance. Junior lien holders must agree to remain in a junior lien position, regardless of combined loan-to-value. There is a thorough HARP FAQ section on the government's website, but it's for general questions only. For specific Home Affordable Refinance Program information, first make sure you're program-eligible, then pick up the phone to call your loan officer. HARP is complex enough that you'll want to talk with a human before taking a proper next step.  |
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