Home Affordable Refinance Program or HARP

If your mortgage is owned or guaranteed by either Fannie Mae or Freddie Mac, you may be eligible to refinance your mortgage under the enhanced and expanded provisions of HRP.   This will allow homeowners with loans owned by Fannie Mae and Freddie Mac to refinance into lower interest rates with out having to worry about their appraised values.

HARP has now been exended until September 30, 2017!

Below is steps to see if you qualify for this Government Backed Program and how to apply.

1: Is my loan owned by Fannie or Freddie?

The First Step in  this process is to see if you loan is truly owned by Fannie Mae or Freddie Mac.  Follow the links below to each of their web sites, where you can research this question.

Does Fannie Mae own my loan:
Click the link HERE to go to Fannie Mae's look up tool.

Some helpful hints, if after you type it in, and it doesn't match, try playing with the address, i.e. if you live on North Main, try taking out the "north" or just putting in "N".

 

Does Freddie Mac own my loan:
Click the link HERE to go to Freddie Mac's look up tool.

 

So what happens if neither Freddie or Fannie own's my loan?

Well all hope is not lost, you could have a VA (vetern's administration) loan, or a RD (rural development) loan or a FHA (Federal Housing Authority Loan).  Each of these government agencies have their own type of Streamline refinance program, that will allow you to refinance into a lower interest rate with out having any  equity or massive amounts of negative equity.

VA Loan:  The refinance is called a IRRL or Interest Rate Reduction Loan (No appraisal required). 
                    Link here to apply for a VA IRRL Loan

RD Loan:  Rural Development Streamline Loan (No appraisal required, but home inspection is).
                    Link here to apply for a RD Streamline Loan.

FHA Loan:  FHA Streamline Loan (No appraisal required)
                     Link here to apply for FHA Streamline Loan.

2: When did you get your mortgage?

You mortgage had to close, fund and record on or before May 31st, 2009.


3: Have you been on time?

Under the HARP program, a person can not have any lates in the last 6 months, and can not have more than 1, 30 day late in the last 12 months.

Although this is a guidlines with the new HARP program.  Lenders may add on additional layers or requirements, extending so that a borrower can not have any lates in the last 12 or 24 months.

4: Gather required Documents

As with most program, they want to know everything about you, so here is a list of items that will be required:

  • Last 2 years of Federal Tax Returns, all pages, and any w-2's or 1099's associated with tax return.
        -If you are self employed, we will need last 3 years of your federal tax returns and company tax returns also
        -If you recevied Social Security, we will need:
                *Last 2 years of SSA-1099 (you received this each January)
                *Last 2 years of Social Security Letters that tell you how much you will recieve for the coming year.
                *If you receive Social Security due to a disability, we will need your Permanent Disability Letter from the Social Secuity Agency
     
  • Last 2 months of bank statements, all pages.  If you use computer generated bank statements, they have to have your name and bank information on it.
     
  • Last 30 days of paycheck stubs.
     
  • Your title package, all the documents you signed at closing from when you received your current mortgage.
     
  • Driver's License and Social Security Card.

 If you have a 2nd mortgage on your home, we will also need:

  • Title Package you recieved when you signed for this 2nd mortgage
  • Current payment coupon or statement. 

5: Apply for a GREAT RATE!

Make an appointment to come down as see us.  Your appointment can be made 7 days of the week, and pretty much anytime, we have VERY flexiable hours.

Office Phone Number:  (208) 375-LOAN  (375-5626)

 Can't Come in?  Apply Online!

If you are unable to get to our offices, or outside the Boise Metro area, you can follow THE LINK HERE and complete 99% of the loan application online:

 


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