HARP Refinance
The Federal Housing Finance Agency (FHFA) launched the first edition of HARP in March 2009. Unlike the previously implemented Home Affordable Modification Program a program that only targeted borrowers in danger of foreclosure HARP opened up opportunities for underwater homeowners with loans that had been purchased by Fannie Mae or Freddie Mac.
HARP initially made it possible for Fannie Mae or Freddie Mac borrowers with loan-to-value (LTV) ratios exceeding 80 percent to refinance without also paying for mortgage insurance. The original guidelines limited the program to those with an LTV of 105 percent or less. Later in 2009, the program was expanded to include those with an LTV of as much as 125 percent, largely because of criticism that the original cap unnecessarily restricted the program.
Even with a cap of 125 percent LTV, however, HARP’s first incarnation failed to meet FHFA’s initial projections of helping 5 million borrowers refinance their mortgages. In the program’s first two years, FHFA estimated that HARP helped around 1 million borrowers.
To assist homeowners who were significantly underwater, the program was revised again in October 2011 to remove the 125 percent LTV cap. The response generally has been positive. Between this past January and this past June almost 423,000 loans were refinanced through HARP 2.0, a number greater than all HARP refinances filed in 2011, according to the FHFA. The agency also reports that the program accounted for one out of every three refinances closed this past June.
What documentation will I need?
• Personal tax returns for the past 2 years
• Current pay stubs for the past month
• Bank statements for last 2 months (all pages)
• Latest retirement statement for each active account (all pages)
• Recent mortgage statement
• Clear copy of Driver’s License (front and back)
• Clear copy of SS card (front and back)
• Copy of homeowner's insurance declaration page
Call us 888.958.4228
Call us 888.958.4228
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www.MORTGAGE-WORLD.com LLC is an online mortgage company specializing in FHA loans for first time home buyers.
We look forward to working with you.
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Minimum
Credit Score requirements
- Primary Residence 620 Credit Score
- Second Home 680 Credit Score
- Investment Properties 680 Credit Score
Maximum loan-to-value
- Primary Residence 620 Credit Score Maximum Loan-to-Value 200%
- 680 Credit Score Unlimited Loan-to-Value (Primary & Second)
The program should
- Reduce the interest rate
- Replace an ARM or Interest-Only payment loan
- Reduce the monthly Principal and Interest payment
- Reduce the amortization term
Home Affordable Refinance Program allows you take advantage of current market rates even if you are underwater.
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