January 19, 2018

Home Affordable Refinance Program for Seattle Real Estate Owners 3/19/2012

The Home Affordable Refinance Program (HARP) has been available to homeowners but the limitations on the program did not benefit all homeowners.  Over the years HARP has been extended and slightly modified.  Starting March 19, 2012 further modifications have been put into place for homeowners that have not been able to take advantage yet.

Harp 2.0 has been released and available to current homeowners who are eligible.  The home loan program is only available for loans that are backed by Fannie Mae and Freddie Mac.  The loans must have been closed and sold prior to June 1, 2009. This program does not reduce principal, but it does allow homeowners to refinance who are under water to a lower rate and monthly payment.

Updated Home Loan Program Details

*Harp 2.0 currently available through 2013

*Any lender can assist you; you do NOT need to talk to your current home loan servicer

*Eligible:  Primary, Second or Investment home (Investment may have more restrictions, contact us)

*NO LTV or CLTV limit on primary and second homes

*Mortgage Insurance (PMI) with specific PMI companies are allowed to refinance

*Appraisal Waiver opportunity

*Reduced fico scores for qualification

*Debt to income ratio flexibility (Qualifying Ratio)


“Freddie Mac and Fannie Mae have adopted changes to the Home Loan Affordable Refinance Program (HARP) and you may be eligible to take advantage of these changes. If your mortgage is owned or guaranteed by either Freddie Mac or Fannie Mae, you may be eligible to refinance your mortgage under the enhanced and expanded provisions of HARP. You can determine whether your mortgage is owned by either Freddie Mac or Fannie Mae by checking the following websites:

http://www.freddiemac.com/mymortgage or htt://www.fanniemae.com/loanlookup/

For further questions or scenarios please contact us directly.


The Mortgage Reel

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(206) 219-3088

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