{"id":249,"date":"2012-01-24T17:33:42","date_gmt":"2012-01-24T17:33:42","guid":{"rendered":"http:\/\/riverbankfinance.com\/blog\/?p=249"},"modified":"2024-02-20T06:26:46","modified_gmt":"2024-02-20T11:26:46","slug":"harp-updates-march-2012","status":"publish","type":"post","link":"https:\/\/riverbankfinance.com\/blog\/harp-updates-march-2012\/","title":{"rendered":"HARP UPDATES March 2012"},"content":{"rendered":"

\"Home<\/a>We\u2019ve lightly discussed the Home Affordable Refinance Program<\/a> (HARP) on this blog in the recent past.\u00a0 To freshen up your mind, HARP was instated to allow for those homeowners who are currently \u201cunderwater\u201d to potentially refinance and get themselves into stress-free position regarding their mortgage rates.\u00a0 HARP is beneficial to countless homeowners but that number of people eligible is about to skyrocket.<\/p>\n

The U.S. Federal Government seems to have taken notice of the importance of this program.\u00a0 Rules for eligibility of HARP will become far easier to meet than ever before once March 2012 roles around.\u00a0 Potentially the biggest change to the rules of the program is the LTV cap.\u00a0 Previously that cap was at 125% but once HARP is updated in March, that cap will be lifted.\u00a0 Meaning, there will no longer be an LTV cap so those of you homeowners who previously had not qualified due to LTV.\u00a0 Well that issue will now be non-existent.<\/p>\n

Not everyone is out of the woods just yet though when it comes to qualifying.\u00a0 There are some other things to take into account when determining if you actually qualify or not for HARP.\u00a0 To start, we will need to check if your loan for the property is either guaranteed or owned by one of the two-following companies.\u00a0 Fannie Mae<\/em> or Freddie Mac<\/em>.\u00a0 There are a couple useful tools you can use to determine this.\u00a0 Go to Freddie\u2019s<\/em> tool<\/a> and Fannie\u2019s<\/em> tool<\/a> to determine which of the two your loan could potentially run through.\u00a0 If you wish to determine this over the phone, call 1-800-FREDDIE (Freddie Mac<\/em>) or 1-800-7FANNIE (Fannie Mae<\/em>).<\/p>\n

One other tidbit of information you should be aware of is the date your loan was potentially sold to Freddie Mac<\/em> or Fannie Mae<\/em>.\u00a0 Due to the HARP guidelines, any loan sold on or after June 1, 2009 to one of the two companies, is not eligible for the program.<\/p>\n

We here at Riverbank Finance<\/a><\/em> can help with any of your questions regarding the HARP program. Call us at: 1-800-555-2098<\/strong>.\u00a0 If you wish to be contacted via email, just fill out the form below.<\/p>\n

Questions about the HARP Guidelines?<\/h2>\n\n
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