A HARP Loan was designed by both Fannie Mae and Freddie Mac to help homeowners with conventional loans refinance, even though the borrower may owe more than the property is worth. To qualify for HARP, either Fannie Mae or Freddie Mac must currently be the owner of your existing loan. To find out if one of these Government Sponsored Enterprises is the owner of your loan, you must first go to their website and select the “LOAN LOOKUP” tab. The process takes less than 5 minutes and may save you thousands over the life of your loan. In addition to having your loan owed by Fannie or Freddie, your loan would have to had been originated before June 1st, 2009. Loans originated after that date do not qualify for HARP. Many people were hurt by the housing crisis and have negative equity in their homes; the HARP loan overlooks the value of the property and helps home owners reduce their mortgage payments by refinancing at a lower rate. The underwriting process resembles that of any other conventional mortgage, except it allows for NO appraisal and higher debt to income ratios. Borrowers that qualify for HARP possess good incomes, solid assets, and decent credit scores of 620 or greater. If your conventional loan was originated before June 2009, don’t delay any longer, as the HARP program will be eliminated by the end of 2017…. call us today!