Who is currently eligible for the Home Affordable Refinance Program HARP 2.0?
HARP 2.0 Eligibility Requirements
- Mortgage must be owned by Freddie Mac or Fannie Mae.
- Freddie Mac or Fannie Mae must have obtained the mortgage before May 31, 2009.
- Homeowners must be current on the loan with no late payments in the last six months, and no more than one late payment in the last twelve months.
How does the HARP replacement program work?
HARP replacement programs are designed to deliver a financial benefit to upside-down borrowers, known as a “net tangible benefit.” In fact, the lender must prove that you’ll accomplish one (or several) of the following goals: A lower monthly payment. A lower interest rate. A shorter repayment term to build equity …
How does the new HARP program work?
HARP was created in 2009 to give borrowers who were current on their mortgages but had little or negative equity an opportunity to refinance at lower rates. HARP was modified over the years and eventually enabled homeowners to refinance up to 125 percent of the value of their homes without primary mortgage insurance.
Is HARP replacement program real?
When HARP was discontinued in 2018, two programs replaced it: Fannie Mae’s high loan-to-value refinance option and Freddie Mac’s enhanced relief refinance. Fannie Mae and Freddie Mac are government-sponsored enterprises (GSEs) that buy mortgages and resell them at more affordable rates to homebuyers.
Is there MI on HARP loan?
A Michigan HARP Mortgage will allow homeowners to refinance their mortgage even if their home is underwater in value. There are a couple main qualifications that you will need to meet to take advantage of this program: The first is that all of your mortgage payments have been paid on time for the past 12 months.
Can I refinance if I have a HARP loan?
Yes, you can refinance your mortgage via HARP 2.0 if your current loan has lender-paid mortgage insurance (LPMI).