What is HARP?

What is HARP?

What is HARP?

If you’re not behind on your mortgage payments but have been unable to get traditional refinancing because the value of your home has declined, you may be eligible to refinance through the Home Affordable Refinance Program (HARP). HARP is designed to help you get a new, more affordable, more stable mortgage. HARP refinance loans require a loan application and underwriting process, and refinance fees will apply.

HARP Eligibility

You may be eligible for HARP if you meet all of the following criteria:

  • The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae.
  • The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
  • 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 current loan-to-value (LTV) ratio must be greater than 80%.
  • The borrower must be current on the mortgage at the time of the refinance, with a good payment history in the past 12 months.

Refinance with HARP

  • Determine whether your mortgage is owned or guaranteed by Fannie Mae or Freddie Mac by using their respective Loan Lookup Tools.
  • Use our branch locator to contact a licensed Inlanta Mortgage loan officer near you.

About Inlanta Mortgage – Celebrating 20 Years

Celebrating its 20th Anniversary, Inlanta Mortgage is a growing mortgage banking firm committed to quality mortgage lending, ethical operations and strong customer service.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is an agency approved lender for Fannie Mae, FHA/VA, FHA 203K and USDA. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS #1016. Inlanta Mortgage is proud to be named to the Scotsman Guide Top Mortgage Lenders 2012 list and to be among the Top 100 Mortgage Banking Companies in America in 2012 and Fastest Growing Milwaukee-Area Firms.

Freddie Mac and Fannie Mae have adopted changes to the Home Affordable Refinance Program (HARP) and you may be eligible to take advantage of these changes. If your mortgage is owned or guaranteed by either Freddie Mac or Fannie Mae, you may be eligible to refinance your mortgage under the enhanced and expanded provisions of HARP. You can determine whether your mortgage is owned by either Freddie Mac or Fannie Mae by checking the following websites: www.freddiemac.com/mymortgage or http://www.fanniemae.com/loanlookup/.

FHA Refinance Loans Available to More Borrowers!

Lower FICO Score Requirement for FHA Refinance

Borrowers with credit scores 620 and above may now be eligible to refinance their homes using an FHA loan.

Do you want to refinance your home using a FHA loan program? Due to new lower credit score requirements, you may now have the opportunity to qualify for an FHA refinance loan despite a few black marks on your credit report.

Lower FICO Score

Borrowers with FICO scores 620 and above may now be able to qualify for an FHA regular or streamline refinance loan. This reduced FICO score may help borrowers who pay their bills on time take advantage of near record low mortgage rates.

Contact a licensed Inlanta Mortgage loan professional for more details regarding FHA refinancing.

In case you missed it, you may be interested in knowing there are important deadlines for FHA borrowers. Check out our recent blog post FHA Borrowers Face Deadline to see why applying for an FHA loan before March 28th is so important.

Why Refi?

The number one reason to refinance is to get a lower mortgage rate. Use our calculator to input a lower interest rate and to estimate how a reduced mortgage rate could lower your monthly payment. Contact a licensed mortgage loan officer near you to discuss your refinancing options.

Inlanta Mortgage is proudly celebrating twenty years in business. Learn more about Inlanta’s twenty year history here.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016. Inlanta Mortgage is proud to be a recent recipient of a 2012 Top Workplace Award.