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The HARP Deal, Does Your Loan Qualify?

By Kevin Kueneke

Mortgage and Lending with Caliber Home Loans NMLS#284800

February 24, 2012 12:22 PM

In order to qualify for the HARP Deal, your loan must have been closed and committed/delivered to Fannie Mae (FMNA) or Freddie Mac (FHLMC) prior to June 1, 2009. Fannie's version of the HARP Deal is called the DU Refi Plus. Freddie's version of the HARP Deal is called LP Open Access.

Both Fannie and Freddie have "look up" tools for your convenience:

FNMA: www.fanniemae.com/loanlookup/

Freddie: www.freddiemac.com/mymortgage

Ineligible Loans:

Any loan currently in default
delivered to FNMA/FHLMC on or after June 1, 2009
government loans
reverse mortgages
any loan other than a 1st lien

Questions regarding the HARP Deal? Contact Kevin Kueneke Mortgage Loan Officer with Amerifirst Financial by calling (760) 500-1919 or go online to: www.kevink.amerifirst.us

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Tom Bailey

Margaret Rudd & Associates Inc. - Oak Island, NC

Thanks for the info and the links. I know a lot of people that this will help.

Feb 24, 2012 12:26 PM

Florida Tolbert Team Keller Williams Advantage

Keller Williams Advantage III Realty in Lake Nona - Orlando, FL

Keller Williams Land Luxury Division Specialist

What a very SHORT LIST Of qualified folks. Guess here goes another so called help program that will help very few.

Feb 24, 2012 12:29 PM

Kevin Kueneke

Caliber Home Loans - Encinitas, CA

San Diego Mortgage Banker

Tom - there are many people that will benefit from this version of the program. A struggling homeowner that has been able to keep up their payments, at least in the last year, may qualify if they have a Fannie or Freddie owned loan.

Also, this program does not involve principal reduction, forgiveness of debt, or below market rates. It merely allows people to refinance to current rates.

I have a client with a home that is upside down. He doesn't want to move, but his 6.25% rate is a little high especially with his recently cut wages, so he has considered a short sale. Fortunately, the HARP Deal will allow him to refinance to the low-mid 4's which will lower his payments by about $400 per month.

It is interesting to read the negative comments regarding this program, especially by the "experts" on AR. Hard to take anyone seriously that doesn't take the time to understand the program.

Feb 24, 2012 01:20 PM

The HARP Deal, Does Your Loan Qualify?

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Kevin Kueneke

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