BREAKING NEWS: The HARP 2 Refinance program has been extended until December 31, 2016

Has your Minnesota, Wisconsin, or South Dakota home LOST VALUE? A HARP 2.0 Refinance can help!

| Harp 2.0 FAQ | Apply | Check for ownership:  Fannie Mae   Freddie Mac

Minneapolis, MN HARP stands for 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 homeowners.

If 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 without needing a new appraisal. 

The HARP 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.

You may be eligible for a HARP Refinance if:

  1. The mortgage must now be owned or guaranteed by Freddie Mac or Fannie Mae.
  2. The mortgage must have closed with your lender on or before May 31, 2009.
  3. Check for ownership with:  Fannie Mae or  Freddie Mac
  4. The current loan-to-value (LTV) ratio must be greater than 80%.
  5. 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 questions,

 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 my lender?
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  Freddie Mac

Do I 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?
Eligible loans will include those where the
first mortgage exceeds the current market value of the property.

If I am behind (delinquent) on my mortgage, do I still qualify for the HARP Refinance Initiative?
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.

Will refinancing 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?
The interest 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 options.

Will 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 closing costs?
YES. HARP refinance loans have closing costs just like any other refinance. But like 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?
The maximum 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 new loan?
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 with HARP?
YES. That is allowable. You just need to meet all the other standard Home Affordable Refinance program guidelines

HARP Refinance Application FOR wi, mn, sdHow 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 refinance immediately.

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 tax return.
  • Information about any second mortgage on your house.
  • Account balances and minimum monthly payments due on all of your credit cards.
  • 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.


Serving all of Minnesota, Wisconsin, and South Dakota, including Minneapolis, St Paul,  Brooklyn Center, Fridley, Blaine, Roseville, Hugo, Maplewood, White Bear Lake, Oakdale, Woodbury, Stillwater, Hastings, Farmington, West St Paul, Inver Grove Heights, Rosemount, Rochester, Duluth, St Cloud, Marshall, La Crosse, Austin, Owatonna, Kasson, Dodge Center, Zumbrota, Winona, Wabasha, Albert Lea, Ely, International Falls, Moorhead, Bemidji, Worthington, Redwood Falls, Alexandria, Fergus Falls, Eagan, Apple Valley, Burnsville, Savage, Shakopee, Chaska, Eden Prairie, Wayzata, Minnetonka, Plymouth, Edina, Bloomington, St Louis Park, Hopkins, New Hope, Crystal, Golden Valley, Robbinsdale, Maple Grove, Rogers, Anoka, Brooklyn Park, Watertonn, Pierre, Hill City, Rapid City, Aberdeen, Mitchell, Brookings, and Sioux Falls.