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L
iberty
M
ortgage – Residential Loans
4415 West Harrison Ave, Hillside, IL 60162 Unit #326
Phone
: 773-677-6460
Email:
[email protected]
NMLS
# 1807234
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Harp Loans
When you have little equity in your home, or owe as much or more
on your mortgage than your home is worth, it can be difficult to find
a lender willing to help you refinance. But for borrowers who have
remained current on their mortgages, and have loans owned by
Fannie Mae or Freddie Mac, there is hope. It’s called HARP.
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Introduced in March 2009, HARP enables borrowers with little or no
equity to refinance into more affordable mortgages without new or
additional mortgage insurance.
HARP targets borrowers with loan-to-value (LTV) ratios equal to or greater than 80 percent and who
have limited delinquencies over the 12 months prior to refinancing.
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Significant changes have been made to HARP since the program was first introduced. For example, in 2011
the LTV ceiling was removed, property appraisal requirements were waived in certain circumstances,
certain risk fees for borrowers selecting shorter amortization terms were eliminated, and certain
representations and warranties were waived. In 2013, the eligibility date was changed from the date the
loan was acquired by Fannie Mae or Freddie Mac to the date on the note, increasing the pool of eligible
borrowers.
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Through HARP, you can get a lower interest rate (which means less out-of-pocket costs each month),
get a shorter loan term, or change from an adjustable to fixed-rate mortgage. There’s no minimum
credit score needed, either. And now that HARP guidelines are simpler, even people who were formerly
FHA Limits
FNMA Limits
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Liberty Mortgage – Residential Loans