Step One: See If You’re Eligible
The first step in obtaining a HARP loan is checking to see if you are eligible. Only mortgage loans owned or guaranteed by Freddie Mac or Fannie Mae are eligible for HARP. Check your eligibility below:
See if Freddie Mac owns your loan
See if Fannie Mae owns your loan
General Eligibility Requirements
You may be eligible for HARP through your existing lender or a different participating lender if you meet the following requirements:
– Your mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae
– Your mortgage must have been sold to Freddie Mac or Fannie Mae on or before May 31, 2009
– Your current loan-to-value (LTV) ratio must be greater than 80%
– Must be current on your mortgage, with no late payments in the last six months and no more than one in the past 12 months
Not every lender, including your existing lender is participating in HARP. Not only that, every lender has different eligibility requirements and charges different loan fees and interest rates.
Shopping for a HARP loan is no different than shopping for any mortgage…compare costs and fees to get the best loan.
Even if you’ve been turned down by one lender, don’t be afraid to try another. Although HARP does have a few basic requirements, lenders participating in the program have different eligibility requirements that may allow you to qualify with a different lender.
Learn about the HARP Refinance Loan Program
What are the advantages of a HARP Refinance Loan?