HARP May Be An Option If:
- You have had a good payment history for the past 12 months. That means having no late payments in the last 6 months and no more than one 30-day late payment from 6 to 12 months ago.
- Your home is your primary residence, 2nd home or investment property.
- Your home value has decreased.
- You have limited equity or your first mortgage exceeds the current market value of the home (i.e., your loan-to-value ratio must be > 80% to be eligible).
- Your loan is owned or guaranteed by Fannie Mae or Freddie Mac. HARP 3.0 is expected to release this requirement. Learn more about HARP 3.0 here. What is HARP 3.0?
- Your loan was acquired by Fannie Mae or Freddie Mac on or before May 31, 2009 (this date can be found in the Loan Lookup results).