It still amazes me when I hear people talking about the Home Affordable Refinance Program, HARP loans in Minneapolis, and they don't realize they can qualify for the program. I was watching Squawk Box on CNBC Friday and they had Dan Gilbert on who is the Founder and Chairman with Quicken Loans. At 12:25 of the following video he talks about the people they call. He says that 75% of the people that Quicken calls don't believe that they can refinance or save money. Keep in mind that Quicken is HUGE and that is what makes that number such a big deal. If Quicken is calling hundreds of thousands of people, that potentially qualify for the HARP program, and they don't believe it is possible, then there is a problem getting the message out about the program.
Here are the things you should know about the HARP loan that you may not know.
- All banks have some sort of overlay to the program. If you have been turned down by another bank you need to know why you got turned down and figure out if it is a Bank guideline or a federal guideline. I am a broker, so I have access to a ton of banks that allows me to get these loans closed.
- If you owe more than your home is worth, you can still get a refinance. Check to see if your home is a fannie mae or freddie mac loan.
- New rules allow you to do this on an investment property.
- You need to be on time currently with payments.
- Your current loan much have been taken out prior to May 2009