Editor’s note: The HARP program, designed to help homeowners who owed more than their homes were worth, expired Dec. 31, 2018. There are many good options for home appraisals and refinancing for homeowners who are underwater on their mortgages.
You could save a great deal of money by refinancing under HARP, if you are eligible. Especially since the rules have been changed, more people qualify for HARP than under previous rules.
How do I know if I’m eligible for HARP?
In general, you must meet the following criteria to be eligible for HARP through Freddie Mac:
- Your mortgage must be owned or guaranteed by Freddie Mac.
- The note date on your mortgage must be on or before May 31, 2009. If Freddie Mac does own your mortgage, the Loan Look-up Tool will tell you this date if you are unsure.
- You must be current on the mortgage at the time of the refinance, with no 30-day+ late payments in the last six months and no more than one in the past 12 months.
It is important that you reach out to your lender to discuss your eligibility for the program. In addition to Freddie Mac’s HARP requirements, lenders participating in the program may have additional requirements that you must meet in order to be eligible.
Marimark Mortgage is based in Tampa, Florida, and serves the mortgage needs of homebuyers, homeowners, and investors in Florida, Virginia, and Pennsylvania.
We specialize in mortgages for first-time homebuyers, conventional home mortgages, refinance loans, reverse mortgages, and FHA, VA, and USDA mortgage options. In addition, we’ve worked extensively with cash-out refinancing and help clients to lower their monthly mortgage payments.