HARP is part of the program that was developed for homeowners who are not able to take advantage of the lower interest rates because of decreasing home values. This part of the program is for credit worthy individuals that are not behind in their current mortgage payments. HARP has a fixed interest rate over the life of the loan and could be beneficial for homeowners who property values has decreased and/or have adjustable mortgage rate.
Here are some of the qualifications of the HARP Mortgage Refinancing Qualifications:
The current mortgage loan must be owned or guaranteed by Freddie Mac of Fannie Mae
The amount still outstanding on the first mortgage cannot be more than 125% of the current market value
The current mortgage payments must be current and no late payments over 30 days in the last 12 months
The homeowner(s) must be able to make the refinance payments (income to debt)
If you would like to see if you qualify for this please feel free to contact me at 808-561-5943. – Linda Le, Loan Officer, Pacific Access Mortgage
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