In case you weren’t aware of the program, HARP, the refinance program offered to Fannie and Freddie mortgage holders, accounted for 21% of refinance volume in February.
Great news buuuuut, I have mortgage brokers telling me that clients aren’t using it enough – that enough people either don’t know about it or think they don’t qualify. HARP is for mortgage holders who are underwater but not delinquent. Here’s who qualifies according to the government website:
- Fannie or Freddie Loan holders
- not delinquent
- LTV OVER 80%
- Mortgage must have been sold to Fannie/Freddie on or before 5/31/2009
If you fit this criteria, and you have a high rate mortgage, call your loan officer to find out if you qualify for HARP.