Am I eligible for the the Home Affordable Refinance Program a.k.a. HARP?

Everyone seems to be asking this question lately. Last month, the Federal Home Finance Agency or FHFA announced HARP 2.0…and we patiently awaited more details on this variation of the ‘Making Home Affordable’ program designed to help those overwhelmed with underwater mortgages. On November 15th, Fannie Mae and Freddie Mac confirmed the program details. Here is a brief overview of the program eligibility requirements:

  • Your loan must be backed by Freddie Mac or Fannie Mae. Don’t know? Use these links to find out:
  • Fannie Mae Loan Lookup
  • Freddie Mac Loan Lookup
  • Your mortgage loan must have been originated prior to June 1, 2009
  • You must be current on your mortgage loan (no late payments in last 6 months)
  • Your current loan-to-value (LTV) must exceed 80%.
  • Your HARP refinances are limited to your area’s conforming limits.
  • Conforming limits may vary from location to location but in most cases are $417,000.
  • Cash out refinances are not available with HARP – only rate and term finances are allowable.
  • Mortgage rates for HARP are similar to traditional refinancing and will be determined by your lender.
  • Homeowners may only utilize the HARP program once per home – if you have already refinanced under this program you are ineligible

This program is not designed to help homeowners avoid foreclosure, it is strictly designed to assist homeowners who have watched their home values deteriorate during the recent housing crisis. Although it may be a bit before we accept an application through the HARP program as we are still adapting our systems to accommodate the program details – Inlanta Mortgage currently offers the DU Refi Plus and Open Access programs to assist homeowners with underwater mortgages.

For more information on the Home Affordable Refinance Program contact a licensed Inlanta Mortgage loan consultant. Find a mortgage loan consultant near you.

Inlanta Mortgage operates in fourteen states including Wisconsin, Illinois*, Iowa, Michigan, Indiana, Minnesota**, Florida, Massachusetts, Arizona, Kentucky, Kansas, Missouri, Colorado and North Dakota. Based out of Brookfield, Wisconsin Inlanta Mortgage has been in business since 1993 and offers a variety of loan programs in addition to refinances including FHA, USDA, FHA 203K, Reverse Mortgages, Conventional and Purchase Loans, and VA Mortgages. For more details on mortgage loan programs available through Inlanta Mortgage click here.

*An Illinois Residential Mortgage Licensee #MB.0006190, Inlanta Mortgage is regulated by the State of Illinois Department of Financial and Professional Regulation, Division of Banking located at 122 S Michigan Ave, Suite 1900, Chicago IL 60603. Phone #312-793-1409.

**Minnesota License – Inlanta Mortgage, Inc. # MO 20373610 “Not an offer to enter into an interest rate lock-in agreement under Minnesota law.”

Inlanta Mortgage NMLS #1016