If you are searching for information about President Obama waiving refi requirements and some special kind of refinance, you have come to the right place! The Obama Refinance Program (which has become a popular name for it) is actually the Home Affordable Refinance Program or as people normally call it “HARP”.
HARP Refinance Waives Refinance Requirements
The HARP program was first announced by President Obama in 2009 and was designed to allow people who were under water to refinance their house and take advantage of lower interest rates. The first version of HARP was then expanded by relaxing the guidelines to allow even more people refinance and now millions have benefitted from HARP 1.0 and HARP 2.0 programs. Currently there are rumors of HARP 3.0, but nothing has been made official as of late April, 2013. It was recently announced that HARP would be extended until 2015.
In order to be eligible for HARP 2.0, you must first have your loan owned by Fannie Mae or Freddie Mac. First check with Freddie Mac to see about your potential eligibility for HARP here. Then check with Fannie Mae to see about your potential eligibility for HARP here.
You may be eligible for HARP if you meet all of the following criteria:
- The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae.
- The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
- The mortgage cannot have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009.
- The current loan-to-value (LTV) ratio must be greater than 80%.
- The borrower must be current on the mortgage at the time of the refinance, with a good payment history in the past 12 months.
If you have a VA or FHA loan, you are not currently eligible for the HARP refinance program , but there are other programs that will let you refinance that are very similar to HARP called the FHA or VA streamline refinance programs. Some people call the the FHA HARP program, but that isn’t really a name that has caught on with too many.
Find Out If You Are Eligible For HARP
The simplest way to find out if you are eligible for HARP is to fill out your information right here and speak with a lender who can possibly help you with getting a HARP refinance done and get you qualified for the program. Finding out if you can qualify for HARP is free, only takes a few minutes and can potentially save you thousands over the life of your mortgage. The President has waived off the refi requirements so you can qualify for getting the lowest possible rate – now do your part and get a free quote. Start now!