Qualifying for a Pennsylvania HARP Mortgage
■ only for mortgages currently owned or backed by Fannie Mae or Freddie Mac prior to June 2009
■ no deliquent mortgage payments in the last 6 months and only a total of one 30 day late payment is allowed in the last 12 months
■ no cash out or paying off other debts allowed with this program
■ no maximum Loan to Value (LTV) for new Fixed Rate Mortgages
■ 105% maximum Loan to Value (LTV) for those seeking a new Adjustable Rate Mortgage through the HARP program
■ first time HARP users only, if you closed a mortgage under previous HARP editions, you can not apply for this new edition
■ current home does not need to be a primary residence as long as the home was first purchased as a primary residence
■ any 2nd mortgages on property will have to be subordinated by the current 2nd mortgage holder, this depends on the 2nd mortgage holder agreeing to this
■ if the current mortgage has monthly Mortgage Insurance, the new mortgage must also have the same level of Mortgage Insurance
More information can be found at...
http://pennsylvania-harp-mortgage.com
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