Profile picture for agarwick

What's the deal with HARP refinancing?

I have a countrywide/Bank of America home loan. 30 year fixed, 6.25% interest rate. Never missed or been late on a payment. The term used to describe my situation is "under water". We owe more than the home is now worth (mostly due to condos in our unit forclosing, screwing with the value of our home. What do I need to know that is crucial to even attempting to do refinancing under HARP? Any advice would be great.
  • August 20 2009 - El Cerrito
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Answers (3)

Profile picture for Alex SD
It would be worthwhile to check your eligibility:
http://makinghomeaffordable.gov/eligibility.html

You can refi under this program if your loan is less than 105% assessed value-- meaning you're less than 5% "underwater".

Due to the economy, I only have 5% equity.  I'm in the process of doing a HARP refi to get my interest rate from 6% to 5%, which will save me quite a bit of money.  With that kind of equity, I couldn't do a "traditional" refi without getting a terrible rate AND paying PMI.
  • September 03 2009
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HARP = Homeowner Affordability and Stability Plan

The first thing you need to do is find out if you even qualify.  Your loan must be backed by Fannie Mae or Freddie Mac.  Go to these websites to see if it says your are eligible.

Fannie Mae Look-Up  or  http://loanlookup.fanniemae.com/loanlookup/


Freddie Mac  or   https://ww3.freddiemac.com/corporate/
  • August 26 2009
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Profile picture for happykidschildcare
Im in the same exact boat, same lenders. Ive never heard of HARP?
  • August 20 2009
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