Home Affordable Refinance Program (HARP)

Answer the Following Questions to Determine Your Eligibility:

1. Are You the Owner of a 1-4 Unit Home (Residential Property)?  YES or NO
2. Is Your Mortgage Current? (No 30 Day Late(s) Within Past 12 Months )?  YES or NO
3. Is your Loan Owned and Guaranteed by Fannie Mae or Freddie Mac (Don’t Know, See Below)?  YES or NO

There are a few easy ways to find out if your current mortgage is owned and guaranteed by Fannie Mae or Freddie Mac.  You can contact Fannie and Freddie direct by calling their toll-free telephone numbers, or by clicking the links below and completing the forms for each company.   

Fannie Mae 1-800-7FANNIE (8am to 8pm Eastern Time) www.fanniemae.com/loanlookup

Freddie Mac 1-800-FREDDIE (8am to 8pm Eastern Time www.freddiemac.com/mymortgage

 The other method would be to contact your mortgage servicer, who can also provide you with this information.  For a complete list of mortgage servicers and their contact info click HERE to lookup by name.

If You Answered “YES” to All 3 Questions, you MAY be eligible

Only the servicer of your loan can tell you if you truly qualify.  The next step is to gather the information required to refinance under the Home Affordable Refinance Program.  Below is a checklist of items you must gather to apply for the program.  Your mortgage servicer may request additional documentation, so be sure to gather as much information as possible regarding your Income, Expense, and ALL Debt Obligations.

CHECKLIST: 

Mortgage Statement for your First Mortgage Info regarding a 2nd mortgage or home equity line of credit. Account balances & monthly payments due on all credit cards. Account balances & monthly payments on all other debt such as student and/or auto loans.

Info regarding your monthly household before tax income, such as pay stubs. Income documentation if you receive income from other sources other than pay stubs. Most Recent Tax Returns.

Once you submit a request to refinance under the Home Affordable Refinance Program, the mortgage servicer will determine the following before approving your Home Affordable Refinance:

• Is the amount you owe on the first mortgage less than 125% of the current market value of your property?
• Do you have a reasonable ability to pay the new mortgage payments if the home is refinanced?
• Will the refinance improve the long term affordability or stability of the home loan?

Homeowner Frequently Asked Questions:

• Will refinancing lower my Payments?  How might HARP benefit me?
  
• Will a refinance under HARP reduce the amount that I owe on my loan?
  
• How will I know if a refinance under HARP will improve the long-term affordability or stability of my loan?
  
• I have both as 1st lien and 2nd lien mortgage.  Do I still qualify for refinance under HARP?
  

HURRY…The program expires on June 10, 2011. 

A refinance under HARP must have a mortgage note date on or before June 10,2011, which is  the expiration date of the Home Affordable Modification Program.  For more information and other details about the program, please contact The Hightower Team at 303-325-5020 or speak with the servicer of your mortgage.  Just know that you have options!