Find out now if you qualify for HARP
By now, you’ve probably heard about the Home Affordable Refinance Program (commonly known as HARP). But did you know you may be able to significantly lower your mortgage payment through this federal program?
What is the ditech HARP program?
HARP stands for Home Affordable Refinance Program. HARP helps borrowers refinance into a more affordable mortgage. A HARP loan can include:
- A lower fixed interest rate
- A lower principal & interest payment
- An option to shorten your loan term and save interest
- An option to roll your closing costs into your new loan
- No minimum credit score
- No new or added mortgage insurance
- Switching an adjustable mortgage to a fixed rate mortgage
The U.S. Department of the Treasury and the U.S. Department of Housing & Urban Development oversee the HARP program. A Home Loan Specialist can help start your HARP loan process.
Who is eligible for HARP?
To be eligible, your mortgage must meet certain basic qualifications.*
- Your mortgage loan must be owned or guaranteed by Fannie Mae or Freddie Mac. Find out if your loan is owned by Fannie Mae or Freddie Mac.
- You must be current on your mortgage payments (i.e., no 30-day+ late payment (a) once in the last 6 months or (b) more than once in the last 12 months).
- The home securing the loan is (a) your primary residence, (b) a 1-unit second home, or (c) a 1- to 4-unit investment property.
- Your loan was originated on or before May 31, 2009.
- Your current loan-to-value (LTV) ratio must be greater than 80%. What is loan-to-value and how do I calculate it?
Refinancing through HARP may enable you to stay in your home and better manage your payments.
Who are Fannie Mae and Freddie Mac?
Fannie Mae and Freddie Mac are government-sponsored enterprises, or GSEs. A GSE is a financial services corporation created by the U.S. Congress. “Fannie Mae” is used to refer to the Federal National Mortgage Association (FNMA). “Freddie Mac” is the name given to the Federal Home Loan Mortgage Corporation (FHLMC). Fannie Mae and Freddie Mac were created to ensure affordable housing and financing to all Americans. Their job is to protect both the borrower and the lender from risk.
Why refinance with ditech?
ditech understands the HARP program and processes. Our originations team specializes in HARP refinancing. Every day, we help customers cope with financial challenges. A ditech HARP program may be able to help you, too.
Contact us about HARP refinancing.
Even if you are significantly underwater on your mortgage or have been turned down for refinancing in the past, you owe it to yourself to look into the Home Affordable Refinance Program. To speak with a Home Loan Specialist, call 1-800-700-9212 today.
Interested in other mortgage assistance or refinancing options? The ditech Mortgage Assistance page explains the steps you can take to get your mortgage back on track.
*To be eligible, you must (1) be current on your mortgage payments, (2) have a credit score, and (3) have verifiable sources of income. Appraisal required in certain situations (e.g., the property is in an area impacted by a natural disaster). No minimum credit score or minimum income required if the principal and interest payment does not increase by 20% or more over the loan being refinanced. The interest on the portion of the credit extension that is greater than the fair market value of the dwelling is not tax deductible for Federal income tax purposes. You should consult a tax advisor for further information regarding the deductibility of interest and charges.