Introduction
Greetings and welcome to our comprehensive guide on the HARP loan eligibility dates. In this article, we will provide you with all the necessary information about the HARP loan, its eligibility criteria, and dates that you should keep in mind if you are considering applying for a HARP loan.
The Home Affordable Refinance Program (HARP) was a government program that was initiated in 2009 to help homeowners refinance their mortgages and take advantage of the low-interest rates. The program was designed to help those homeowners who were unable to refinance their mortgages due to various reasons, such as negative equity, high loan-to-value ratio, or low credit scores.
If you are a homeowner struggling to make your monthly mortgage payments, or you want to take advantage of the low-interest rates, then the HARP loan might be the perfect solution for you.
What is the HARP Loan Program?
The HARP program is a government initiative that aims to help homeowners refinance their mortgages and take advantage of the low-interest rates. The program was introduced in 2009 by the Federal Housing Finance Agency (FHFA) and was designed to help homeowners who were unable to refinance their mortgages due to various reasons such as negative equity, high loan-to-value ratio, or low credit scores.
The HARP program allowed homeowners to refinance their mortgages even if they owed more than the value of their homes, provided that they met certain eligibility criteria. The program was initially set to expire on December 31, 2018, but it was later extended to December 31, 2020, and is no longer available for new applications.
Eligibility Criteria for HARP Loan
The eligibility criteria for the HARP loan program are as follows:
Criteria |
Requirements |
|---|---|
Loan Origination Date |
The mortgage must have been originated on or before May 31, 2009 |
Loan-to-Value Ratio |
The loan-to-value (LTV) ratio must be greater than 80% |
Current Mortgage |
The borrower must be current on their mortgage payments with no late payments in the last six months and no more than one late payment in the last 12 months |
Fannie Mae or Freddie Mac |
The mortgage must be owned or guaranteed by Fannie Mae or Freddie Mac |
Refinancing |
The borrower must not have previously refinanced their mortgage under the HARP program, unless it was a Fannie Mae loan that was refinanced under HARP between March and May 2009 |
FAQs
1. What is the HARP loan program?
The HARP loan program is a government initiative that aims to help homeowners refinance their mortgages and take advantage of the low-interest rates. The program was introduced in 2009 by the Federal Housing Finance Agency (FHFA) and was designed to help homeowners who were unable to refinance their mortgages due to various reasons such as negative equity, high loan-to-value ratio, or low credit scores.
2. When was the HARP loan program introduced?
The HARP loan program was introduced in 2009 by the Federal Housing Finance Agency (FHFA) to help homeowners refinance their mortgages and take advantage of the low-interest rates.
3. What are the eligibility criteria for the HARP loan program?
The eligibility criteria for the HARP loan program are as follows:
Criteria |
Requirements |
|---|---|
Loan Origination Date |
The mortgage must have been originated on or before May 31, 2009 |
Loan-to-Value Ratio |
The loan-to-value (LTV) ratio must be greater than 80% |
Current Mortgage |
The borrower must be current on their mortgage payments with no late payments in the last six months and no more than one late payment in the last 12 months |
Fannie Mae or Freddie Mac |
The mortgage must be owned or guaranteed by Fannie Mae or Freddie Mac |
Refinancing |
The borrower must not have previously refinanced their mortgage under the HARP program, unless it was a Fannie Mae loan that was refinanced under HARP between March and May 2009 |
4. When did the HARP loan program expire?
The HARP loan program was initially set to expire on December 31, 2018, but it was later extended to December 31, 2020, and is no longer available for new applications.
5. What does LTV ratio mean?
The loan-to-value (LTV) ratio is the percentage of the loan amount compared to the value of the property. For example, if you have a loan of $100,000 on a property worth $120,000, your LTV ratio would be 83.3% ($100,000 ÷ $120,000 x 100).
6. What are the benefits of the HARP loan program?
The benefits of the HARP loan program include lower interest rates, lower monthly payments, and the ability to refinance even if you owe more than the value of your home.
7. Can I refinance my mortgage under the HARP program if I have a second mortgage?
No, you cannot refinance your mortgage under the HARP program if you have a second mortgage. However, you may be able to refinance the second mortgage under a different program.
8. Can I refinance my mortgage under the HARP program if I have a fixed-rate mortgage?
Yes, you can refinance your mortgage under the HARP program even if you have a fixed-rate mortgage. The HARP program is designed to help homeowners with any type of mortgage refinance their loans.
9. Can I refinance my mortgage under the HARP program if I have a VA loan?
No, you cannot refinance your mortgage under the HARP program if you have a VA loan. However, you may be able to refinance your VA loan under a different program.
10. How much does it cost to refinance my mortgage under the HARP program?
The cost of refinancing your mortgage under the HARP program varies depending on the lender and the type of loan you have. However, you should expect to pay closing costs, which can include appraisal fees, title search fees, and other fees.
11. How long does it take to refinance my mortgage under the HARP program?
The time it takes to refinance your mortgage under the HARP program varies depending on the lender and the complexity of your application. However, you can expect the process to take between 30 and 60 days.
12. Can I refinance my mortgage more than once under the HARP program?
No, you cannot refinance your mortgage more than once under the HARP program. However, you may be able to refinance your mortgage under a different program.
13. What is the difference between the HARP program and the HAMP program?
The HARP program is designed to help homeowners refinance their mortgages and take advantage of the low-interest rates, while the HAMP program is designed to help homeowners avoid foreclosure by modifying their mortgages to make them more affordable.
Conclusion
In conclusion, the HARP loan program can be an excellent opportunity for homeowners who are struggling with their mortgage payments or who want to take advantage of the low-interest rates. However, to qualify for the program, you must meet certain eligibility criteria, such as loan origination date, loan-to-value ratio, current mortgage payment history, and mortgage ownership or guarantee by Fannie Mae or Freddie Mac.
If you meet the eligibility criteria, you should take action and apply for the HARP loan program as soon as possible. The program is no longer available for new applications, so you need to act quickly.
Closing Disclaimer
The information provided in this article is for informational purposes only and should not be considered as financial advice. Before making any financial decisions, you should consult a qualified financial advisor.