If you should be underwater on the mortgage as much are right here in Ocala you might be entitled to refinance, without paying off your principal or including high priced PMI, through the HARP system or Home Affordable Refinance Program. The HARP system is made to offer property owners with underwater mortgages the chance to refinance to today’s lower rates, lacking any assessment! This system ended up being revised in March of 2012, therefore in the event that you attempted to refinance before that point without success, the parameters have actually changed and you’ll now meet the requirements. The program that is new now called HARP 2.0.
Eligibility Demands for HARP 2.0
There are many needs you have to satisfy to qualify for HARP 2.0 Refinance:
1). Your loan needs to be a old-fashioned loan supported by Fannie Mae or Freddie Mac. You are not eligible for HARP, but may qualify for an FHA Streamline Refinance or VA Streamline Refinance if you have an FHA or VA loan. The Fannie Mae and Freddie Mac internet sites have actually kinds where you are able to determine when your loan is supported by either of these. Links to those web sites are provided below.
In case the loan is certainly not located on the Fannie Mae or Freddie Mac sites, you’re not entitled to a HARP refinance.
2). Your home loan should have been securitized just before 1, 2009 june. The date your loan was ‘sold’ to Fannie Mae or Freddie Mac may be the date it had been securitized. Even when your loan ended up being closed in might of 2009, but wasn’t securitized until after 1, 2009, you will not be eligible for the HARP program june.
3). You should be present on your own home loan to refinance with a HARP home loan. Continue lendo “Who qualifies for harp loans HARP Unlimited LTV Refi”