HARP Qualifications

 

Does Your Loan Qualify for HARP?

The Home Affordable Refinance Program is a government program that can help homeowners who are current on their payments refinance to a lower rate, even if they owe more than the home is worth! GTE can help you refinance with HARP - even if your home loan is not currently with GTE. 

Qualifications Checklist 

If you answer yes to these questions, you could qualify for HARP! 

  • YES   Are you current on your mortgage and have no record of late payment within the last six months, and only have had a maximum of one late payment over the past 12-month period?
  • YES   Is your current loan to value (LTV) higher than 80%?
  • YES   Was your mortgage sold to or guaranteed by Fannie Mae on or before May 31, 2009. To verify your mortgage:
  • YES   Your mortgage has not been refinanced through HARP in the past, unless it happens to be a Fannie Mae loan that underwent a HARP refinance between March and May 2009.
  • YES   Is your home in the state of Florida? HARP is a nation-wide program, but GTE can only assist you with your HARP loan if your home is in Florida.
  • YES   Do you have a minimum credit score of 620 for a primary home residence or 620 for an investment property for loans sold to Fannie Mae.

The next step is completing a GTE HARP application. It is free to apply, and you do not have to be a current member of GTE.

If your answers were YES - apply for HARP!

Other Considerations

  • If you have an existing GTE mortgage sold to Fannie Mae, speak with a GTE representative about a possible appraisal option in order to waive income and asset documentation.
  • HARP loan processing is averaging 85 days or longer as processing is dependent on meeting government requirements.

For additional details, visit the official program website, www.makinghomeaffordable.gov.
*Only applies to first mortgage products. Mortgage payments must be current and no record of late payment within the last six months, and may only have had one late payment maximum over the past 12-month period. Current mortgage loan-to-value ratio (LTV) must be higher than 80%. Mortgage must have been sold to or guaranteed by Fannie Mae on or before May 31, 2009. Mortgage must not have already been refinanced through HARP in the past, unless it happens to be a Fannie Mae loan that underwent a HARP refinance between March and May 2009. Harp II program runs through December 31, 2013 and requirements are subject to change based on final program guidelines.