We know that as with any process the steps involved can sometimes be discouraging, we hope that this brief presentation of the qualifications requirements will help you get started.
1. Your mortgage should be either owned or else guaranteed by one of either Freddie Mac or Fannie Mae. To their surprise, it is very often common that homeowners are not fully aware that their mortgages are in someway or the other actually linked to these organizations and this is because both Freddie Mac and Fannie Mae do not interact directly with the public. Most likely and in most cases, your mortgage does meet this requirement.
2. Once you have verified that your mortgage has in fact been acquired by Freddie Mac or Fannie Mae then you will want to also confirm that this happened before May 31, 2009
3. You, the homeowner, must not have a previous HARP refinance of the mortgage with the exception of it being a Fannie Mae loan that would have been refinanced through HARP between March and May of 2009.
4. You, the homeowner, need to be current on your mortgage payments, that is, and without any 30 day payments that have been late in the last six months and with only one or less late payments that would have transpired with the most recent last 12 months.
5. The home must have a loan-to-value ratio greater than 80%
6. There must be some calculated benefit of the HARP loan such as lowered monthly payments or changing to a more stable format for example moving away from an adjustable-rate mortgage to a fixed-rate mortgage.
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