HARP 2.0 Home Affordable Refinance Program educational video series.  Contact the Underwood Team for Arizona and California mortgage refinancing and purchase loans.  Enjoy and share with others.

www.UnderwoodHomeLoans.com/HARP

Also, contact us directly with more specific questions about your particular scenario.  Thank you.

The Underwood Team  480-344-1911

 What is HARP?     HARP was started in April 2009. It goes by several names. The government calls it HARP, as in Home Affordable Refinance Program.  The program is also known as the Making Home Affordable program, the Obama Refi plan, DU Refi +, and Relief Refinance.  In order to be eligible for the HARP refinance program : Your loan must be backed by Fannie Mae or Freddie Mac.  Your current mortgage must have a securitization date prior to June 1, 2009.  If you meet these two criteria, you may be eligible for HARP.  If your mortgage is FHA, VA, USDA or a jumbo mortgage, you are not HARP-eligible.  However, there may be other options for you.  So, contact our team to discuss your particular scenario.

 Is "HARP" the same thing as the government's "Making Home Affordable" program?     Yes, the names HARP and Making Home Affordable are interchangeable.  So, don't let the different names confuse you.  They are the same.

 How do I know if Fannie Mae or Freddie Mac own my mortgage?     Fannie Mae and Freddie Mac have "lookup" forms on their websites.  They can be access through the links I have provided.   Your loan must appear on one of these two sites to be eligible for HARP.

https://ww3.freddiemac.com/corporate/

http://www.fanniemae.com/loanlookup/

 What if my mortgage is FHA?  Can I use the HARP 2.0 program?     No, you can't use the HARP 2.0 program for an FHA loan. However, if your current mortgage is backed by the FHA, and your home is underwater, you may be able to use the FHA Streamline Refinance program.  Contact us to find out more about an FHA streamline. 

 If my mortgage is held by Fannie Mae or Freddie Mac, am I automatically eligible for the Home Affordable Refinance Program?     No. There is a series of criteria. Having your mortgage held by Fannie or Freddie is just the starting point.

 
My mortgage is held by Fannie Mae or Freddie Mac.  So, now what do I do?     You will need to find a mortgage professional that can help guide you through the HARP refinance process.  Give that information to your lender when you apply for your HARP refinance.  Feel free to contact our team to discuss this further.

 Does Harp work the same with Fannie Mae and Freddie Mac?     For the most part, the HARP program is the same with Fannie Mae as it is  Freddie Mac. There are some minor differences, but they affect just a small portion of the general population. For everyone else, the guidelines work the same.

 
Am I eligible for the Home Affordable Refinance Program if I am behind on my mortgage?     The answer to this question is no. You must be current on your mortgage to refinance using HARP.

 Will the Home Affordable Refinance Program help me avoid foreclosure?     No. HARP is not designed to delay, or stop, foreclosures. It’s meant to give homeowners who are current on their mortgages, and who have lost home equity, a chance to refinance at today’s low mortgage rates.  If you are currently behind on your mortgage, there may be other options for you.  Contact our team to discuss your particular situation.

 I have been told by my bank that I am not eligible for HARP.  What if my bank is wrong?  Should I get another opinion?     If you've been turned down for HARP but believe that you're eligible, it could be in your best interest to speak with a different mortgage professional.  Different banks are using different variations of the HARP 2.0 program. The changes are subtle, but they're enough to cause some people to get denied who should otherwise have been approved. If you've been turned down for HARP 2.0 in Arizona or California, contact our team for more information.

 Do I have to refinance my mortgage with my current lender?     In most cases, no. You can do a HARP refinance with any trusted mortgage professional that has HARP available.

 What are the minimum requirements to be eligible for HARP?     First, your home loan must be paid on-time for the prior 6 months, and at least 11 of the most recent 12 months.  Second, your mortgage must have been sold to Fannie or Freddie prior to June 1, 2009.  And, third, you cannot have used the HARP mortgage program before.   Only one HARP refinance is allowed per mortgage.

 If I refinanced with HARP a few years ago, can I use it again for the HARP 2.0?     No. You can only use the HARP mortgage program one time per house. If you used HARP 1, you cannot use HARP 2.0.  Even if you refinanced into a HARP loan a few years ago, but your bank never told you it was a HARP loan.  You are still only able to use HARP one time per house.

 Is there a loan-to-value restriction for HARP?     The answer to this question is no.  All homes -- regardless of how far underwater they are -- are eligible for the HARP program, as long as they meet all other criteria.  Contact our team for more information.

 I am really far underwater or upside down on my mortgage.  Are you sure that I can still use HARP?     Yes, I'm sure. The new HARP mortgage program specifically has no loan-to-value restriction so that even homeowners in Arizona, California, Florida, Nevada and Michigan can take advantage of it. You can have 200% loan-to-value, and still be HARP-eligible. HARP is now unlimited LTV for fixed rate loans with 30-year terms or less.

 Will my home require an appraisal with the HARP mortgage refinance program?     Kind of.  Although your home's value doesn't matter for the HARP mortgage program, lenders will run what's called an "automated valuation model" or (AVM) on your home. If the value meets reliability standards, no physical appraisal will be required. However, your lender may choose to have a physical appraisal done anyway -- just to make sure your home is actually still "standing".

 What is the biggest mortgage I can get with a HARP refinance?     The Home Affordable Refinance Program is limited to the conforming loan limit of $417,000.  Feel free to contact us about other options you may have.

 I have a USDA mortgage.  Can I use the HARP 2.0 program?     No, you cannot use the HARP 2.0 program for a USDA loan. If your current mortgage is backed by the USDA, and your home is underwater or upside down, there may be other options for you.

 I have a VA mortgage.  Is there a way for me to use the HARP 2.0 program?     No, you cannot use the HARP 2.0 program for a VA loan. If your current mortgage is backed by the VA, and your home is underwater or upside down, you may be able to use the VA's IRRRL program.  Contact our team to find out more.

 Can I consolidate my first and second mortgage using the Home Affordable refinance program?     No, you cannot consolidate multiple mortgages with the HARP refinance program. It’s for first liens only.  All subordinate or junior liens must be resubordinated to the new first mortgage. If you have a second mortgage be sure to mention that to your mortgage professional in the beginning.

Can I do a cash-out refinance using HARP?     The answer to this question is no, the HARP program does not allow cash out refinances. Only rate-and-term refinances are allowable.

Can I refinance an investment or rental property with the Home Affordable refinance program?     Yes, you can refinance an investment or rental property with HARP, even if the home was once your primary residence.

Can I refinance a second home or vacation home using HARP?     Yes, you can refinance a second home or vacation home with HARP, even if the home was once your primary residence.

 When does the Home Affordable refinance program end?  As of the time of this video, if you are eligible for HARP, you must close on your mortgage prior to December 31, 2013.  Contact our team for more information.

Feel free to contact our team at 480-344-1911 for more information.  Thank you for watching and sharing.