Green Bay Mortgage News

Harp Mortgage Program - Green Bay, WI

Home Affordable Refinance Program (HARP) was just extended to December 31, 2013.  This allows homeowners to refinance into low mortgage rates even if the property has decreased in value.

Established in 2009, for Fannie Mae and Freddie Mac, HARP provides an option for homeowners to refinance "Up Side Down Home Values".  A HARP refinance addresses situations where the homeowner's property value has fallen causing them to no longer qualify under traditional underwriting criteria.  Homeowners with a loan owned by Fannie and Freddie have the opportunity to refinance with any participating lender as long as the resulting loan is less than 125% of the current property's value.

Do you own a Fannie Mae or Freddie Mac mortgage?  Here is the online look up tool.  Just fill in the requested info.

Freddie Mac look up: https://ww3.freddiemac.com/corporate/

Fannie Mae look up: http://www.fanniemae.com/loanlookup/

The following criteria must be met to qualify for the HARP program:

• You must live in the home being refinanced.
• Only Fannie and Freddie mortgages are available through HARP.
• The homeowner must be able to afford the new lower payment with documentation of steady income.
• Minimum credit score requirements apply.
• Mortgage must be current with no late payments in the past 12 months.
• The maximum Loan to Value limits have been removed on home owners looking to refinance in to a fixed rate mortgage.
• For homeowners looking to acquire a adjustable rate mortgage the maximum Loan to Value is set at 105%.