How to Qualify for a HARP Loan. Homeowners that have a mortgage owned by Fannie Mae or Freddie Mac-also called a conventional mortgage loan-and who owe more on the loan than the home is worth may qualify for a HARP refinance. That refinance can result in significant savings by reducing your monthly payment or lowering your interest rate.

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People who qualify for a HARP mortgage all meet a certain set of requirements: They are current on their mortgage. Their home is a primary residence, 1-unit second home, or 1-to-4 unit investment property. They got their loan on or before May 31, 2009. Their mortgages are backed by Fannie Mae or.

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When to Refinance a Mortgage Loan Watt says there are "800,000 more families nationwide that would benefit from the HARP program if they would just step forward." Bob Walters is the chief economist with Quicken Loans. His company was.

To qualify for a HARP refinance, Hosterman says your current loan must be a Fannie Mae- or freddie mac-backed mortgage. You can enter your loan information (your name, address and the last four digits of your social security number) into Fannie Mae Loan Lookup or Freddie Mac Loan Look-Up tools to determine its status.

With an HARP loan, you can qualify for a loan with a credit score in the high 500s! HMS Capital Inc. a dba of Best Capital Funding NMLS ID: 303222, CA DBO license #01846368, loans made or arranged pursuant to a California Finance Lenders Law license.

Who Qualifies for a HARP Loan? There are five basic requirements you must meet to qualify for a HARP loan. The first is your loan must be a Freddie Mac or Fannie Mae loan. These are both Government Sponsored Enterprises (GSEs). If you’re unsure of the organization that owns your loan, check with your mortgage company. Secondly, you may qualify if Freddie Mac or Fannie Mae acquired your loan on or before May 31, 2009.

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(HARP) on mortgage loan default rates between. April 2009 and. referred to as HARP II, modified two requirements: (1) The 125 percent.

Remember – while HARP may allow you to get better terms, it has closing costs just like any other refinancing program, so you must take them into account when checking your loan options. To qualify.