Home Affordable Refinance Program,
an initiative from the Federal Housing Finance Agency (FHFA)
to assist homeowners whose homes are now worth less than
what they owe,
making refinancing a viable option again to millions of
you are a responsible homeowner, but the current market
value of your home has made it difficult or impossible for you to
refinance at today's record
low interest rates,
Mortgages Unlimited may even be able to help you
needing a new appraisal.
refinance program will let you refinance your
existing Fannie Mae or Freddie Mac backed loans to a payment that is
affordable now and into the future.
may be eligible for a HARP Refinance if:
- The mortgage must now be owned or
guaranteed by Freddie Mac or Fannie Mae.
- The mortgage must have closed
with your lender on or before May 31, 2009.
Check for ownership with:
Fannie Mae or
- The current loan-to-value (LTV)
ratio must be greater than 80%.
- The borrower must be current on
the mortgage at the time of the refinance, with no late
payment in the past six months and no more than one late
payment in the past 12 months.
If You Answered YES to these
Click HERE to Apply for a HARP Refinance in the
MN, WI, or SD.
I don't make payments to Fannie Mae or Freddie Mac. Are they
Who you make your payments to is knows=n as your servicer.
They are not necessarily the actual owner of your loan.
How do I know if my
loan is owned or controlled by Fannie Mae or Freddie Mac?
Simply check online with these links:
Fannie Mae or
have to use my current mortgage company?
No. You can use any
participating lender you want - plus you will usually get a
better deal using a new company.
I owe more than my
property is worth. Do I still qualify to refinance under the
HARP Special Refinance Program?
Yes. Eligible loans
will include those where the
mortgage exceeds the current market value of the property.
If I am behind
(delinquent) on my mortgage, do I still qualify for the HARP
No. But the good news
is, you may qualify for the Modification Initiative. Contact
me to discuss your situation and review your options.
What states is the HARP
refinance program available?
The program is available in all 50 states. We are a HARP
refinance lender only for properties located in Minnesota,
Wisconsin, or South Dakota
I have both a first
and a second mortgage. Do I still qualify?
I have both a first
and a second mortgage. Can I combine these into one new loan
under the HARP program?
NO. You can not combine
these two (or more) loans into one. The HARP program will
only refinance your existing first mortgage.
lower my payments?
That depends. If your
interest rate is much higher than the current market rate,
you would likely see an immediate reduction in your payment
amount. However, if you are have an adjustable loan, or are
paying interest only on your current mortgage, you may not
see your payment go down. BUT... you will be able to avoid
future mortgage payment increases and may save a great deal
over the life of the loan.
What will the
interest rate be?
rate for HARP will be based on market rates at the time of the
refinance. Currently, interest rates are at historical lows,
which makes this a good time to examine your refinancing
reduce the amount that I owe on my loan?
No. Refinancing will not
reduce the principal amount you owe. However, refinancing
should save you money by reducing the amount of interest
that you repay over the life of the loan.
Can I get cash out
to pay other debts?
No. Only standard
closing costs (appraisal, title, credit report, state taxes,
lender fees, etc) may be included in the refinanced amount.
Do I need to pay
YES. HARP refinance
loans have closing costs just like any other refinance. But
other refinance transactions, you can pay the costs
out-of-pocket, roll them into the loan.
I am really far
underwater on my mortgages, can I still use HARP?
YES. Under the HARP
2.0 guidelines, you can be really far
underway and still qualify for HARP
What is the maximum
loan amount? I have / need a jumbo loan?
loan amount is the same as the maximum loan amount in your
area. For 95% of the country, this is currently $417,000
I heard adjustable
mortgage refinances are different?
YES. If you choose a new
adjustable loan, you are capped at 105%. Only fixed rate
refinance loans are unlimited.
My current loan is
FHA, can I use HARP?
No. Only loans that are
backed by Fannie Mae or Freddie Mac are eligible. But FHA loans,
VA loans, USDA Rural Development have refinance options that
may still work for you.
I put over 20% down
originally, so I have no PMI. Will I have to have PMI on the
No. That is one of the
best parts of HARP. If the original loan did NOT have
mortgage insurance, the new loan does not need mortgage
insurance, not matter how underwater you are.
Can I refinance my
second / vacation home or a rental / investment property
YES. That is allowable.
You just need to meet all the other standard Home Affordable
Refinance program guidelines
do I apply for the Home Affordable Refinance Initiative?
Apply for HARP 2 Refinance in MN, WI, or SD online, call
(651) 552-3681, or visit our St Paul, MN office to
discuss your specific situation and to examine your options.
If this plan is right for you, we can begin working on your
As part of the discussion,
we may need to look at the following information:
- Recent pay stubs to
help determine your gross (before tax) household income.
- Your most recent income
- Information about any
second mortgage on your house.
- Account balances and
minimum monthly payments due on all of your credit
- Account balances and
monthly payments on all other debts, such as student
loans and car loans.
As always, if
you have any questions or would like to discuss how this may
specifically impact you, We'd be happy to sit down with you.
Just call or email me to set up an appointment.