"These are people who don't qualify for a traditional refinance because their. Any mortgage originator can issue a HARP loan, so it's not.
Having already attempted to qualify for a loan and experiencing rejection, one might feel defeated and discouraged from the home buying process. Determining .
As we‘ve stated above, the HARP loan is for someone who is current on their Frannie Mae or Freddie Mac mortgage with no one very few missed payments. HARP is a total refinance program, which will help to lower interest rates and give a more affordable mortgage payments.
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If you are currently underwater on your mortgage, that is, if your LTV is 100% or greater, you may still qualify for a HARP loan. According to the official HARP.gov FAQ: "HARP allows you to refinance even if you owe more than your house is worth. If you refinance under HARP and your new loan is a fixed-rate mortgage, there is no maximum loan-to-value ratio. If you refinance under HARP and your new loan is an adjustable rate mortgage, your LTV may not be above 105%."
There are five basic requirements you must meet to qualify for a HARP loan. The first is your loan must be a Freddie Mac or Fannie Mae loan. These are both Government sponsored enterprises (gses). If you’re unsure of the organization that owns your loan, check with your mortgage company.
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HARP is a federal program to help responsible, underwater and near underwater homeowners refinance their mortgages to a lower rate. Through HARP, homeowners that have loans owned by Fannie Mae or Freddie Mac on or before 5/31/09, and have been current on their mortgage payments, may qualify for HARP refinance rates.
There is no minimum credit score to qualify for a HARP 2.0 loan. Each individual lender will have specific guidelines for credit qualification. However, there is a maximum debt-to-income ratio for HARP 2.0 participants. If you have a debt-to-income (DTI) ratio of 55% or less, you qualify.
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