Qualifying for Harp 2.0 Mortgage Refinance–Grand Rapids Experts on Harp Refinances
In communities like Grand Rapids especially a mortgage loan refinance has traditionally been an easy way for home owners to take advantage of lower interest rates and lower their monthly payment on a home they want to remain in. Harp stands for the home affordability refinance program. For many Americans refinancing a previous home purchase to a new lower rate can help home owners make it easier to keep up with their monthly mortgage payment.
HARP was designed to help borrowers who might not otherwise qualify to refinance due to decreases in property value, increases in interest rate/payment, decreases in income, or due to financial crisis.
For home owners in the Grand Rapids area as well as around the US: for a home loan to qualify for a harp 2.0 refinance the borrower and the original loan must meet the following criteria:
1. The mortgage you wish to refinance must be guaranteed or owned by Fannie Mae or Freddie Mac
2. The mortgage in question must have been sold to Fannie or Freddie on or before 5/31/2009
3. The LTV or Loan to Value ratio must be over 80%.
4. Only borrowers who are current on their mortgage with no recent late payments (within 6 months) will qualify
If you aren’t sure if you meet all of these requirements the easiest think to do is to click here and apply to refinance, we will let you know if you qualify for a Harp 2.0 refinance in Michigan or if not what your other options might be.