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qualifying for harp refinance

The mortgage CANNOT have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009. The borrower MUST be current on the mortgage at the time of the refinance, with no late payment in the past six months and no more than one late payment in the past 12 months.

Created in 2009, HARP allows homeowners with little equity to refinance their mortgages. For some homeowners, this could mean lower monthly payments or a chance to escape adjustable rate mortgages. To.

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Learn about your credit score, what it is and how it affects your ability to take advantage of some mortgage options.

You don’t qualify for either program and are stuck with conventional refinancing paths. MoneyTips is happy to help you get free mortgage and refinance quotes from top lenders. The replacement programs.

and have the option of qualifying a borrower by documenting that the borrower has at least 12 months of mortgage payments in reserve. Program Deadline: The end date to get a HARP refinance is December.

The government’s new and improved Home Affordable Refinance Program got up and running this week. Here’s how to tell whether you might qualify for a new loan and advice on navigating the application.

Your loan must be owned by Fannie Mae or Freddie Mac to qualify for a HARP refinance. But there’s a lot of confusion around what "owning" the mortgage means. There’s a difference between a mortgage servicer and the entity who owns your mortgage. The difference is as follows: Servicer

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Q: I’ve been trying to refinance my Georgia home for at least a year. I have a 7 percent conventional mortgage with a big, locally based bank. I’ve been told that my loan is a Fannie Mae loan, but I.

Due to the nature of HARP, only those without significant home equity can qualify to refinance through the program. In fact, in order to be eligible for HARP, the loan-to-value (LTV) ratio of your mortgage and home must be at least 80%.

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This is where the Home Affordable Refinancing Act (HARP) comes in. We will go over what this program is, how it works, who is eligible for financing, any.