It stands for Home Affordable Refinance Program. Home Affordable Refinance Program, Making Home Affordable. Government Releases Additional HARP Guidance For Underwater Homeowners. The Home Affordable Refinance Program (HARP) helps eligible borrowers lower their monthly payments. Learn how you can refinance your mortgage with HARP. First-Time Home Buyer Help. Useful info and answers to common questions. HARPRead up on HARP, then talk to your lender. If so, you could qualify for HARP refinancing and you could save thousands with a lower rate or other more favorable terms. No minimum credit score is required and closing costs can be bundled into the new loan so you don. Is my servicer the same as my lender or investor? Your loan servicer is the financial institution that collects your monthly mortgage payments and has responsibility for the management and accounting of your loan. It is possible that the owner of your mortgage also services it, however many loans are owned by groups of investors and these investors hire loan servicers to interact with homeowners on their behalf. Program? You may be eligible if. The mortgage MUST be owned or guaranteed by Fannie Mae or Freddie Mac. The mortgage MUST have been sold to Fannie Mae or Freddie Mac on or before May 3. The mortgage CANNOT have been refinanced under HARP ? Homeowners can enter information to determine if either agency owns or guaranteed the loan. This information is not a guarantee of eligibility for a refinance under HARP . Donec scelerisque sapien placerat velit. Cum sociis natoque penatibus et magnis dis parturient montes, nascetur ridiculus mus. Vestibulum ante ipsum primis in faucibus orci luctus et ultrices posuere cubilia Curae. Curabitur quam lorem, laoreet molestie, eleifend id, pulvinar vel, nunc. Proin congue felis quis purus. The Home Affordable Refinance Program . The Home Affordable Refinance will not return cash to the borrower for the purpose of paying other. Home Affordable Refinance Program Aenean porttitor, lacus vel bibendum pulvinar. Cum sociis natoque penatibus et magnis dis parturient montes, nascetur ridiculus mus. There is no longer a maximum LTV limit for borrower eligibility. If the borrower refinances under HARP . If the borrower refinances under HARP . Please be patient and you will be helped as soon as possible. It will also speed up the process if you have the necessary documents ready for the HARP . Generally, you will need the following. Information about the monthly gross (before tax) income of all the homeowners on your loan, including recent pay stubs if you receive them, or documentation of income you receive from other sources. Your most recent income tax return. Making Home Affordable (MHA) Program aims to stabilize the housing market and help. Option 1 – Voluntarily transfer the title of your property to Nationstar Mortgage. The Home Affordable Refinance Program, also known as HARP, can help you lower your payments or change to a more stable loan type. The Home Affordable Refinance Program (HARP) provides an easier way to refinance your. Making Home Affordable. The Making Home Affordable Program includes Fannie Mae Home Affordable Refinance options and the Home Affordable Modification Program. Information about any junior lien mortgage on the house Account balances and minimum monthly payments due on all of your credit cards Account balances and monthly payments on all your other debts. Q: Can I get cash out to pay other debts? No. The Home Affordable Refinance will not return cash to the borrower for the purpose of paying other debts. Q: What are the interest rates and other terms of a refinance under HARP ? The rate will be based on market rates in effect at the time of the refinance and the homeowner will be subject to any associated points and fees quoted by your lender. Interest rates may vary across lenders and over time as market rates adjust. The refinanced loans must have no prepayment penalties or balloon payments. Q: I have both a first lien and a second lien mortgage. Yes, there is no longer a maximum LTV limit for borrower eligibility. Homeowners with more than one mortgage may be eligible for a refinance under HARP . Your eligibility will depend, in part, on two additional requirements. The lender that has your junior lien mortgage must agree to remain in a junior lien position. You must be able to demonstrate your ability to meet the new payment terms on the first lien mortgage. Q: If I am delinquent on my mortgage will I still qualify? Homeowners who are currently delinquent or have been more than 3. Contact your servicer to see if a modification under the Home Affordable Modification Program is an option for you. Q: Why encourage borrowers to shorten the terms of their mortgage? Borrowers who owe more on their mortgages than their homes are worth may be locked into their homes for years and have fewer financial options until they pay down the loan balance. A shorter term mortgage enables such borrowers to pay down the amount they owe much faster than a traditional 3. Furthermore, interest rates on shorter term mortgages usually are less than on thirty- year mortgages. The lower interest rate may provide borrowers the opportunity to shorten the term of their mortgages without much change in their monthly payments, and perhaps even a reduction in that payment. Such an outcome may strengthen the borrower’s financial condition and lower the credit risk for the servicer/lender that owns or guarantees the loan. A few examples illustrate how this works. Assume a homeowner currently has a mortgage on which he or she owes $2. If the house is worth $1. LTV) ratio of 1. 25 percent. If this borrower refinanced into a 3. But, by refinancing into a 3. If the borrower chose a 2. If this same borrower refinanced into a 1. Q: When will these enhancements become available? Timing will vary by mortgage lender. Fannie Mae/Freddie Mac will be sending operational instructions to lenders by November 1. Some lenders may be able to accommodate mortgage applications under some of the enhancements by December 1 while it could take other lenders additional time to incorporate the expanded program into their systems. In addition, some of the enhancements such as delivery of loans with LTV greater than 1. Q: What are the circumstances under which appraisals are not required? We are further streamlining Fannie Mae/Freddie Mac's existing use of AVM (automated valuation model) estimates of properties. Where there is a reliable AVM estimate of value provided by Fannie Mae/Freddie Mac, a new appraisal will not be needed. Where there is not a reliable AVM value, a new appraisal will be required. Condominiums are already eligible under HARP . Your refinance under HARP . If your existing loan has private mortgage insurance, you will need the same amount of insurance coverage for a refinance under HARP . If your existing loan does not have private mortgage insurance, it will not be required as part of a refinance under HARP . Compare this to your current loan terms. If it is not an improvement, a refinancing may not be right for you. Q: Will a refinance under HARP ? The objective of a refinance under HARP . Refinancing will not reduce the principal amount you owe to the first lien mortgage holder or any other debt you owe. Q: Will refinancing lower my payments? Homeowners who are paying interest only, who have a low introductory rate that will increase in the future, or who face a balloon payment may not see their current payment go down if they refinance to a fixed rate and payment. These homeowners, however, could save a great deal of money by reducing the amount of interest you pay over the life of the loan. When you submit a loan application, your lender will give you a . Compare this to your current loan terms. If it is not an improvement, a refinancing may not be right for you. You can choose another servicer/lender. Will a refinance under (HARP ? Through a refinance under HARP . Additional servicers are strongly encouraged to participate.
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