HARP Eligibility Calculator
The new HARP 2.0 program seems to be all the rave these days as it is designed to help folks refinance who are deeply “under water”. Still, for most it is still difficult to decipher whether or not their loan and scenario qualify. So what determines HARP eligibility? Here’s a few easy questions to help you figure it out:
HARP Eligibility Question #1 – Is your loan currently owned or guaranteed by Fannie or Freddie?
An easy way to validate this first step of HARP eligibility is to check on each of their websites: Fannie: http://www.fanniemae.com/loanlookup/ and Freddie: https://ww3.freddiemac.com/corporate/ If the answer to this is YES, then you’ve passed the first question of HARP eligibility.
If the answer to this question is YES, then you’ve passed the second question of HARP eligibility. Only loans that were funded AND guaranteed/sold to Fannie or Freddie prior to 5/31/09 are eligible for HARP 2.0.
HARP Eligibility Question #3 – Have you utilized the HARP program already since June 1st of 2009?
If the answer to this question is NO, then you’ve passed the third question of HARP eligibility. The Government apparently doesn’t want you to have already taken advantage of the HARP program.
HARP Eligibility Question #4 – Have you been current on your mortgage payments for the last six(6) months AND have you had no more than one(1) 30-day late payment within the last twelve(12) months?
If you’ve answered this last two-part question as YES, then you’ve passed question #4. Borrowers must not have had more than one late payment within the last 12 months and no late payments at all during the last six months to be eligible for HARP 2.0.
HARP Eligibility Question #5 – Is your home’s mortgage within the allowable conforming loan limit for your area? ($417,000 for most areas but check the Fannie Mae website to double check what the max is in your area).
If you answered this as YES and your mortgage amount is within the allowable conforming limit for your area, then you’ve passed question #5.
HARP Eligibility Question #6 – Is your mortgage currently at 80% LTV (loan to value) or higher?
In other words, do you currently have less than 20% equity in your home based on today’s value? If so, then you’ve passed question #6.
If you’ve answered all of these question correctly then it appears as if you’ve passed and you MAY be eligible for a HARP 2.0 refiannce. You may also qualify for the “no appraisal / streamline” version which means even less headaches. To find out if you qualify for sure and what the rates/terms would be, contact a certified mortgage banker today:
Author Joe Karns is a seasoned mortgage banker and master of getting you the HARP 2.0 Eligibility, is dedicated to bringing his subscribers relevant and useful information. Want a free mortgage checkup? Check out Joe Karns at the following link for more a FREE refinance consultation. Or, click here for a free quote and to determine your HARP Eligibility.