Do I Qualify For A Harp Loan

There are new guidelines being released to qualify for HARP 2. YES. And more people will qualify for HARP program than ever before. YES. The question remains. "Will I qualify HARP 2?" Here is how you can begin to know.. Step 1: Who Owns My Loan? You need to know if your loan is owned by either fannie mae (fnma) or Freddie Mac (FHLMC).

What Is HARP ®? The HARP ® program can help! The Home affordable refinance program ®, also known as HARP ®, is a federal program of the United States, set up by the Federal Housing Finance Agency in March 2009 to help underwater and near-underwater homeowners refinance their mortgages.

The Home Affordable Refinance Program, also known as HARP, was created to help homeowners who have kept current on their existing mortgage get a more affordable home loan. If you owe more on your mortgage than your home is worth or have very little equity in your home, this may be the program for you!.

 · What this means is that if you are currently in an FHA loan and interested in the HARP® refinance because you saw it on TV or saw President Obama talking about it, you really want to do an FHA streamline, not a HARP®. You will not qualify for HARP®. But the FHA streamline will still help you in the exact same way that HARP® helps people who.

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If you qualify to refinance your mortgage through HARP, you’ll go through an application, approval and closing process (similar to when you got your original mortgage). A HARP lender will work with you through every step, and will help determine if HARP meets your specific needs.

If you don’t qualify for a HARP loan there are other options for you, but they are still limited. If you have a FHA loan it is possible you could qualify for a ‘Streamline FHA Refinance.’ These loans enable those who currently have an FHA mortgage to refinance even if you’re underwater on your home.

Some of the people who qualify-but don’t realize they do-may have applied for a HARP refinance before rules were changed that removed the cap on how much you could be underwater on the current.

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