What is a HARP loan? What are the requirements for a HARP loan? Mr. Cooper is here to explain the ins and outs of HARP loans, and help you determine whether a harp loan is right for you.
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HARP Guidelines and Eligibility criteria. Several criteria must be met to qualify for the HARP Program. While there may be additional criteria imposed by lenders, the basic government requirements are as follows: The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae. This is a big one.
To qualify for a HARP refinance, Hosterman says your current loan must be a Fannie Mae- or freddie mac-backed mortgage. You can enter your loan information (your name, address and the last four digits of your Social Security number) into Fannie mae loan lookup or Freddie Mac Loan Look-Up tools to determine its status.
The eligibility requirements are: HARP 2.0 The original HARP program quietly underwent a few key changes to allow more people to be eligible. The re-branded name for the HARP program is HARP 2.0.
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HARP allows homeowners who are current on their home payments, but whose home loan-to-value ratio exceeds 80% to refinance their home loan and do so without having to pay for private mortgage insurance (PMI). Prior to the HARP loan program being established, only mortgages with a loan-to-value ratio of 105% could qualify.
· Kymn Harp Kymn Harp is a solutions oriented commercial real estate and business attorney in Chicago, Illinois. Harp is a managing member of Chicago, Illinois based law firm Robbins, Salomon & Patt, Ltd, a full service law firm representing middle market businesses, business owners, commercial real estate investors and developers, banks, and wealthy individuals.