what is harp? and do i qualify for a harp loan?
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W h a t i s H A R P a n d D o Iq u a l i f y f o r a H A R P l o a n ?
The Home Affordable Refinance Program isdesigned for homeowners who are current ontheir mortgage payments, but who haven't beenable to refinance because they have limitedequity, no equity or negative equity in theirhomes.
Sourcehttp://www.hsh.com/finance/refinance/whatisharpdoiqualifyforaharploan.html
What is HARP?
Ways to prepare for a HARP refinance
Do I qualify for a HARP loan?
Ensure Fannie or Freddie backs yourmortgage.
Determine if your mortgage is old enough.
Does your mortgage have mortgageinsurance?
Why don’t I qualify for HARP?1) Bad credit.
2) Equity issues.
3) No reHARPs.
4) Fannie and Freddie.
1)The mortgage must be owned or guaranteedby FanniMae or Freddie Mac.
2)The mortgage must have been sold to FannieMae or Freddie Mac on or before May 31, 2009.
3)The current loantovalue (LTV) ratio must beat least 80 percent.
4)You cannot have previously refinanced underHARP.