Jan 12
21
How to Check Government Loans for HARP
With the new HARP 2.0 many borrowers are uncertain about government loans and how to determine if they have a government backed loan which are Fannie Mae or Freddie Mac. If your mortgage is owned by Fannie Mae or Freddie Mac, you may be eligible for a Home Affordable Refinance to take advantage of lower interest rates. Your mortgage company can tell you who owns your loan. But the Make Home Affordable site has a resource page to check on government loans.
Don’t race to your lender to request HARP refinancing, chances are they are up to their eyeballs with loan modifications, short sales and foreclosures. Your best bet is to seek a mortgage broker specializing with HARP refinancing. In Florida, Chris Brown with Certified Mortgage Planners, is our go-to guy. Chris knows all the guidelines for the Make Home Affordable Refinance program (HARP).
You want to find the Chris Brown in your area, an expert who can help determine if you qualify for HARP.
HARP is for government loans
Only government loans are eligible for the HARP program. After finding out that your mortgage is owned or guaranteed by Fannie Mae or Freddie Mac, the next step is to see
if you are eligible for a Home Affordable Refinance.
Government loans have specific guidelines for eligibility
There is hear say that lenders plan to come out with their own version of HARP for those who do not have government loans, but it’s yet to be seen.
Related posts:
Agi Anderson, CDPE, compiled changes made to Make Affordable HARP refinancing program, October 2011 ~ to see if you qualify, just enter your name and email to request HARP guidelines. (make sure to check spam for email confirmation)
