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发帖数: 848 | 1 【 以下文字转载自 Detroit_AA_Realestate_Mortgage 俱乐部 】
发信人: MortgageMI (frankofpfc@gmail), 信区: Detroit_AA_Realestate_Mortgage
标 题: What Is HARP? good news for whose house is underwater
关键字: HAPR,贷款，refinance
发信站: BBS 未名空间站 (Tue Oct 25 00:26:28 2011, 美东)
Home Affordable Refinance Program,HARP, was started in April 2009.
In order to be eligible for the HARP refinance program :
1. Your loan must be backed by Fannie Mae or Freddie Mac.
2. Your current mortgage must have been purchased by Fannie Mae or
Freddie Mac prior to June 1, 2009
If you meet these two criteria, you may be HARP-eligible.
If your mortgage is FHA, USDA or a jumbo mortgage, you are not HARP-eligible.
note: for people just close the purchase before 6/1/09, the loan most likely
would not be sold to Fannie Mae or Freddie Mac before Jun1 1, 2009.
1)How do I know if Fannie Mae or Freddie Mac has my mortgage?
Fannie Mae and Freddie Mac have "lookup" forms on their respective websites.
Check Fannie Mae's first because Fannie Mae's market share is larger. If no
match is found, then check Freddie Mac. Your loan must appear on one of
these two sites to be eligible for HARP.
2)If my mortgage is held by Fannie Mae or Freddie Mac, am I instantly-
eligible for the Home Affordable Refinance Program?
No. There is a series of criteria. Having your mortgage held by Fannie or
Freddie is just a pre-qualifier.
3)Am I eligible for the Home Affordable Refinance Program if I'm behind on
my mortgage?
No. You must be current on your mortgage to refinance via HARP.
4)What are the minimum requirements to be HARP-eligible?
First, your home loan must be paid on-time for the prior 6 months, and at
least 11 of the most recent 12 months. Second, your mortgage must have been
sold to Fannie or Freddie prior to June 1, 2009. And, third, you may not
have used the HARP program before -- only one HARP refinance per mortgage is
allowed.
5)Is there a 125% loan-to-value restriction for HARP?
No, there is no 125% loan-to-value restriction. All homes -- regardless of
equity -- are eligible for the HARP program.
There is no loan-to-value restriction under the HARP program.
6)Do I have to HARP refinance with my current mortgage lender?
No, you can do a HARP refinance with any participating mortgage lender.
7)What's the biggest mortgage I can get with a HARP refinance?
HARP refinances are limited to your area's conforming loan limits. In most
cities, the conforming loan limit is $417,000. However, there are some
cities in which conforming loan limits are higher.
8)Can I do a cash-out refinances with HARP?
No, the HARP program doesn't allow cash out refinance. Only rate-and-term
refinances are allowable.
9)Can I refinance an investment/rental property with HARP?
Yes, you can refinance an investment/rental property with HARP, even if the
home was once your primary residence. You can refinance a home on which you'
re an "accidental landlord" via HARP. The loan must meet typical program
eligibility standards.
10)Can I refinance a second/vacation home with HARP?
Yes, you can refinance an second/vacation property with HARP, even if the
home was once your primary residence. The loan must meet typical program
eligibility standards.
11)Are condominiums eligible for HARP refinancing?
Yes, condominiums can be financed on the HARP refinance program.
12)Can I consolidate mortgages with a HARP refinance?
No, you cannot consolidate multiple mortgages with the HARP refinance
program. It's for first liens only. All subordinate/junior liens must be
resubordinated to the new first mortgage.
13)Can I "roll up" my closing costs with a HARP refinance?
Yes, mortgage balances can be increased to cover closing costs in addition
to other monies due at closing such as escrow reserves, accrued daily
interest, and a small amount of cash. In no cases may loan sizes exceed the
local conforming loan limits, however.
14)What are the HARP program's mortgage rates?
Mortgage rates for the HARP program are the same as for a "traditional"
refinance. There is no "premium" for using the HARP program.
15)Is there a minimum credit score to use the HARP program?
No, there is no minimum credit score requirement with the HARP refi program,
per se. However, you must qualify for the mortgage based on traditional
underwriting standards.
16)When does the HARP program end?
If you are HARP-eligible, you must close on your mortgage prior to January 1
, 2014 . |
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