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assistance_for_harp_program_eligibility [2018/12/08 20:54]
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assistance_for_harp_program_eligibility [2019/06/24 19:27] (current)
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=====Eligible for HARP?===== =====Eligible for HARP?=====
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 +**Important Update June 2019**
 +OK did you finally decide to stop procrastinating and check out the HARP program …. only to find that it was gone?  Though for years HARP was going to end the last day of the year, every year an extension would go into place,That fact lulled many  homeowners into not worrying about a deadline. Well the deadline has come and gone. the original HARP program has ended, period. If you search for HARP or HARP eligibility you’ll probably be swamped with sites from lenders who want to make you a “special deal”, trying to look official though they are not part of the government. That’s the bad news. The good news is that both Fannie Mae and Freddie Mac have come up with new options aimed to help those with a high loan to value situation. You may be eligible if you have paid your mortgage monthly for at lease 12 consecutive months, you have a loan to value ratio that is more than what’s allowed for other refinancing options, your parents have not been late in the past six months, you have an income which can be verified and you receive either a reduction in your monthly payment or you get a lower interest rate on your loan, or you switch to amore stable loan like moving from adjustable rate to fixed rate loan. Get in touch with your existing loan provider to learn more about these options and be ready to take advantage of one of them once they “go live” in October of 2019.
The very first thing you should do is check to see if you mortgage loan is owned by Freddie MAC or Fannie MAE. Only those loans are eligible for HARP. Your loan servicer can quickly tell you if this is the case. You can also go to the HARP website and use their lookup tools to check your loan. If that is confirmed, then check to see what is the ratio of your loan balance to the value of your home — i.e., divide your loan balance by your home’s market value. If it’s greater than 80% then you could be eligible for this excellent program. It’s definitely worth taking these two easy initial steps to see if you should pursue it. The very first thing you should do is check to see if you mortgage loan is owned by Freddie MAC or Fannie MAE. Only those loans are eligible for HARP. Your loan servicer can quickly tell you if this is the case. You can also go to the HARP website and use their lookup tools to check your loan. If that is confirmed, then check to see what is the ratio of your loan balance to the value of your home — i.e., divide your loan balance by your home’s market value. If it’s greater than 80% then you could be eligible for this excellent program. It’s definitely worth taking these two easy initial steps to see if you should pursue it.
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assistance_for_harp_program_eligibility.txt · Last modified: 2019/06/24 19:27 by admin