The Refinance Loan Homeowners Cant Afford to Miss. Gina Pogol. The Mortgage Reports Contributor. HARP Mortgage. The HARP mortgage is a home loan refinance program launched in March 2. LTV. HARP stands for Home Affordable Refinance Program and is available to homeowners until December 3. This HARP loan information is accurate and current as of today, November 9, 2. If youre underwater on your conforming, conventional mortgage, you may be eligible to refinance to todays mortgage rates without paying down principal and without having to pay mortgage insurance. These are the details of the governments HARP refinancing program. Verify your HARP eligibility Nov 9th, 2. What Is A HARP LoanThe HARP refinancing program was started in April 2. It goes by several names. The government calls it the Home Affordable Refinance Program. The program is also known as Making Home Affordable, the Obama Refi, A Better Bargain For U. S. Homeowners, DU Refi Plus, harp mortgage and Relief Refinance. The HARP loan requirements are Your loan must be backed by Fannie Mae or Freddie Mac. Your current mortgage must have a note date of no later than May 3. Fannie Mae Refi Plus Program Guidelines' title='Fannie Mae Refi Plus Program Guidelines' />If you meet these two criteria, you may be HARP eligible. If your mortgage is an FHA, USDA, VA or a jumbo mortgage, you are not HARP eligible. Underwater FHA mortgages can be refinanced via the FHA Streamline Refinance program. Underwater VA mortgages can be refinanced via the VA IRRRL mortgage program VA Streamline Refinance. Underwater USDA loans can be refinanced via the USDA Streamline Refinance program, which is available in most states. HARP Refinance Questions and Answers. Do these question and answers account for the new HARP mortgage program Yes, everything you are reading is accurate as of today, November 9, 2. This post includes the latest changes as rolled out by the Federal Home Finance Agency on October 2. Fannie Mae and Freddie Mac on November 1. HARP 2. 0 was formally released by Fannie Mae and Freddie Mac March 1. Is HARP the same thing as the governments Making Home Affordable program Yes, the names HARP and Making Home Affordable are interchangeable. Investment Property Guidelines Fannie Mae and Freddie Mac Checklist This is for informational purposes only. For details and comprehensive information, refer to. Mortgage QA What is a conventional mortgage loan A conventional mortgage simply refers to any mortgage loan that is not insured or. For assistance with presubmission scenarios andor program related questions, please contact. The program is also known as DU Refi Plus and Relief Refinance, and many mortgage lenders call it The Obama Refi. Is HARP the same thing as the White Houses A Better Bargain For Responsible HomeownersNo, the HARP loan is not the same as the White Houses A Better Bargain for Responsible Homeowners program. HARP is a specific mortgage refinance product. The A Better Bargain program is the White Houses recommended set of mortgage market reforms. The changes suggested by the White House may later manifest as HARP 3, but we dont know when HARP 3 will pass, if ever. Verify your HARP eligibility Nov 9th, 2. 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 Maes first because Fannie Maes 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. 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. My mortgage is held by FannieFreddie. Now what do I doFind a recent mortgage statement and write Fannie Mae or Freddie Mac on it whichever group backs your home loan so you dont forget. Give that information to your lender when you apply for your HARP refinance. My mortgage is backed by Wells Fargo. Am I eligible for HARP Its possible that your mortgage is backed by Wells Fargo, but the more likely answer is that Wells Fargo is just your mortgage servicer the bank that collects your payments. Wells Fargo backs very few of its own loans. Most loans for which payments are sent to Wells Fargo are backed by either Fannie Mae or Freddie Mac. Double check with Fannie Mae and Freddie Mac before assuming Wells Fargo backs your loan. My mortgage is backed by Bank of America. Am I eligible for HARP Bank of America does back some of its own loans, but the more likely answer is that Bank of America is your mortgage servicer the bank that collects your monthly mortgage payments. Bank of America backs very few of its own loans. For most loans for which payments are sent to Bank of America, Fannie Mae or Freddie Mac are the actual loan backers. Double check with Fannie Mae and Freddie Mac to make sure Bank of America doesnt hold your loan. My mortgage is backed by Chase. Am I eligible for HARP There is a chance that Chase backs your loan, but whats more likely is that Chase is just your mortgage servicer the bank that collects your payments each month. Chase backs very few of its own loans. The Magic Bowl Parent`S Guide: Potty Training Made Easy on this page. For most loans for which payments are sent to Chase, youll find that Fannie Mae or Freddie Mac are the actual loan backers. Double check with Fannie Maes and Freddie Macs websites to make sure your loan is not held by Chase. My mortgage is backed by Citi. Mortgage. Am I eligible for HARP Your mortgage statement may have the Citi. Battle For Middle Earth 2 Mac. Mortgage logo on it, but that doesnt necessarily mean that Citi. Mortgage back your loans. Its more likely that Citi. Mortgage is your mortgage servicer the bank paid to process your payment each month. With most loans for which payments are sent to Citi. Mortgage, the actual loan backer is Fannie Mae or Freddie Mac. Double check with Fannie Maes and Freddie Macs websites to see if you can find your loan. Verify your HARP eligibility Nov 9th, 2. My lender wont do HARP. Can I use HARP with another lenderYes. You can do the HARP loan with any participating mortgage lender. This is a major change from the original HARP. The government is trying to get as many people access to the program as possible. If you were once turned down for HARP by your original mortgage lender, re apply somewhere else. Tutorial Install Os Dengan Vmware. Youll likely have better luck. My mortgage servicer does not do new mortgages. How do I use HARP Not all mortgage servicers have loan officers on staff. However, that should no bearing on your ability to get a HARP refinance. You can work with any participating lender in the country. What if neither Fannie Mae nor Freddie Mac has a record of my mortgage If neither Fannie nor Freddie has record of your mortgage, your loan is not HARP eligible. However, you may still be eligible for a regular refinance to lower rates. Use this form to get a rate quote to see your options. What does the term DU Refi Plus meanDU Refi Plus is the brand name Fannie Mae assigned to its particular flavor of the HARP mortgage program. DU stands for Desktop Underwriter. Its a software program that simulates mortgage underwriting. Refi Plus is a gimmicky sounding term that could have been anything. The name has been trademarked, however. What does the term Relief Refinance meanRelief Refinance is the Freddie Mac equivalent of DU Refi. I have a 4. 0 year mortgage. Can I use HARP Yes, if you have a 4. HARP. You must make sure that you mortgage is backed by Fannie Mae or Freddie Mac, though, and that you meet all other eligibility requirements. My lender says its not set up for Freddie Mac. How do I do a HARP loan Not every bank is participating in the HARP 2. If youve been told that your bank cant or wont help you, just try with a different bank. There are many banks that are participating in the program. I have a jumbo mortgage. Can I use HARP 2. Plaza Program Guidelines.