Yes, you can qualify! This is one of the reasons why this program was developed. To help homeowners who have been paying their mortgage on-time, but have been unable to refinance and take advantage of low interest rates. For example, if you currently owe $165,000 on your mortgage, but your house is only worth $145,000, you can still qualify. To see if you qualify, click here.
As long as your late payment was more than 6 months ago and you were no more than 30 days late in the past 12 months you can still qualify for the HARP program. If you were more than 30 days late you can still qualify as long as those late payments are over 12 months old. To see if you qualify, click here.
The good news is that the majority of HARP loans do not need an appraisal. This means you save even more money as typically the appraisal is paid by you, the borrower. In some rare cases an appraisal may be needed. To find out if you need an appraisal, click here.
Yes, you can still qualify for a HARP loan. Prior to HARP 2.0 borrowers with PMI were turned away. Now, the new program allows for borrowers to refinance into HARP even if they have PMI or LPMI. It is best to discuss this with a licensed Loan Officer. To see if you qualify, click here.
While there still may be some costs involved with obtaining a HARP loan, they are generally much lower than a typical refinance. Most of the costs can be included in the loan to help keep any out-of-pocket costs as minimal as possible. Your licensed Loan Officer can detail any costs for you. To find out if you qualify, click here.