HARP Loans in Georgia | Georgia HARP Loans

GA HARP RefinanceHome Affordable Refinance Program (HARP), a program launched by the federal government in the spring of 2009 to assist homeowners refinance who have lost equity in their homes and otherwise would either have to pay PMI (private mortgage insurance) or not be able to refinance at all if they were upside down (owe more on your home than its current value). We can help you with a Georgia HARP Loan or a Florida HARP Loan – Don’t wait any longer. Call or click today to get started on your HARP refinance.

The minimum requirements to be eligible for HARP are as follows:

  • Your loan must be owned by Fannie Mae or Freddie Mac . This does guarantee that you are eligible, this is just one pre-requisite.
  • Your current loan must have been closed and sold prior to 5/31/2009 to either Fannie Mae or Freddie  Mac.
  • Your loan must be paid on time for the prior six months and at least 11 of the most recent 12 months

If your loan is a FHA or VA loan, you may be eligible for an FHA or VA streamline refinance which allows you to refinance without an appraisal. Click here for a quick quote

Most people don’t necessarily know who “owns” their loan. The common perception is that the lender who they make their payments to is the one that owns their loan. Typically that is not the case. Most often, they lender that they close the loan with sells the loan shortly after you close and they would typically retain the servicing rights (collect your payments for a fee). Since Fannie Mae and Freddie Mac are the largest investors in the country, there is a good chance your loan is owned by one of these two.

Both companies have setup a self service web portal for consumers to determine whether or not that company is the owner on a particular home loan. The links to those services are below:

HARP GUIDELINES
  • The maximum Loan to Value ratio (LTV) cap has been removed on home owners looking to refinance in to a fixed rate mortgage. For those looking to do an ARM the LTV is capped at 105%
  • If your payment increases more than 20% (for example you wanted to refinance into a 15 year fixed from a 30 year fixed), then you will have to credit qualify. In addition, your credit score must be greater than 620 and the maximum debt to income ratio can’t exceed 45%.
  • Expanded appraisal waivers so that in most cases, appraisals will not be necessary.
  • Condominium project requirements have been relaxed to allow more of these people to be able to finally refinance.
  • Mechanism will finally be in place to allow for people with mortgage insurance to finally be able to transfer the mortgage insurance certificate from one lender to another.

HARP Program FAQ