Am I Eligible For HARP – Can You Meet These Requirements?
In order to qualify for the Home Affordable Refinance Program, you must meet specific eligibility requirements. In fact, if you are wondering am I eligible for HARP refinance, you first need to ask yourself if your home is guaranteed or owned by Fannie Mae or Freddie Mac. Also, you need to ascertain if that loan was sold on or before May 31, 2009, as that appears to be a prerequisite. Can you meet these requirements? If so, you will need to continue down the checklist of eligibility requirements. For many people I have discussed this with, I have found that these initial HARP eligibility requirements prevented them from participating. If you met the first two conditions, you will also need to ascertain your current loan to value ratio. From my understanding of the program, your LTV must be greater than eighty percent. There are other different eligibility factors that also appear in need of being met. This next qualification for HARP eliminated a lot of my friends from HARP. They would ask me how do I qualify for HARP and I would ask them if they would be current on their mortgage at their refinance time and if they had a good history of payment in the last twelve months. Unfortunately, they would tell me that they were not current and there was no way they could get current. Also, they would usually lament that they only payed half of the mortgage payments in the last year. I would tell them to talk to a professional, but from my understanding of the HARP rules, it appeared that they were unlikely to be eligible.
As you can imagine, they were disheartened. If your are in the same situation as my friends, I would still encourage you to read over the eligibility materials as articulated on the www.makinghomeaffordable.gov page to double check your eligibility. Furthermore, I encourage you and others who have met the first few criteria to look at the remaining qualifications. Simply put, I have not listed all HARP eligibility requirements so far; there is more. For example, there is also a specific eligibility requirement pertaining to a previous HARP refinance that you need to be aware of. One thing I really liked about the making home affordable idea is that they give you a resource that you can potentially use to explore your potential eligibility by leaving their site. I have not personally tried it because I know I am not eligible. However, you might wish to explore this option further.
If you are confused by all this material and you are still wondering who is eligible for harp, you may want to contact your specific mortgage servicer to obtain their help in ascertaining – do I qualify for HARP? The good news is that I know people who have taken advantage of this program. It has truly helped them. In fact, one person told me that they now feel like they have their payments under control. Thus, do your due diligence and check to see if you are eligible on your own even if you don’t think you qualify based on what I shared of my understanding of the program. They even have a phone number listed as a resource on their page that you might consider exploring.
If you do realize that you are eligible for HARP, you will probably want to examine the steps to HARP refinance as articulated on the makinghomeaffordable.gov site. In addition to insights on one’s eligibility there, you may also spend some time viewing the videos that they have available. If you are like me, you often find it easier to comprehend videos than it is to read through information and try to process it that way. If you qualify, you might want to head over to the getting started section. There you can learn about such things as to what to expect and what you will need. I will also encourage you to examine the tools section as beneficial materials may be found there to help you. Finally, I’d like to conclude by encouraging you to explore their glossary section that can be found in their learning area. In my opinion, the hardest part of doing anything new is not knowing the vernacular. If you are contemplating a HARP refinance loan, the glossary of terms can potentially help you understand new terms you encounter and could potentially make the process a lot more understandable. With just a few minutes spent reviewing the glossary, I now have a better understanding of terminology germane to mortgages and refinancing. I wish I would have had that knowledge before I purchased my first place. If you are interested in the harp loan refinance program, make sure you meet all the eligibility requirements. If unsure, seek professional assistance.
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