Where can I get more information?
More information about the program is available on the government’s website: https://www.makinghomeaffordable.gov/pages/default.aspx
Is my mortgage loan owned by Fannie Mae or Freddie Mac?
Freddie Mac and Fannie Mae have adopted changes to the Home Affordable Refinance Program (HARP) and you may be eligible to take advantage of these changes.
Click on the link(s) below to see if your mortgage is owned by Fannie Mae or Freddie Mac.
Can I apply for the program now? Yes, apply now to see if your mortgage meets Fannie Mae’s requirements. To apply visit http://ibmsecu.vlending.com/
What should I do? To be eligible for the program, your mortgage payments have to have been made on time for the previous 12 months, so continue to make your regular payments on time. If your loan is currently owned by Fannie Mae you can complete an application online at http://ibmsecu.vlending.com/
Where can I get an estimate of my home value?
Estimated home values may be available on your county’s property appraiser website. The website http://www.zillow.com/ can also be used to estimate your current home value.
If my loan qualifies for HARP, can I refinance with a shorter term loan?
Yes, but your debt to income ratio (gross monthly income divided by monthly expenses including your mortgage payment) should be less than 45%.
What are the costs?
The HARP loan qualifies for the same low closing costs available to our Members on a standard refinance.
How is HARP different from a standard refinance?
A standard refinance transaction will allow you to finance up to 95% of your home’s appraised value. With standard refinances, loans that exceed 80% of the value of the home require PMI (Private Mortgage Insurance). PMI payments are in addition to the monthly principal and interest payment. HARP refinances do not have property valuation limits and do not require additional PMI payments. Only loans currently owned by Fannie Mae and Freddie Mac qualify for HARP. In other words, if your house is appraised at $100,000 but you owe $200,000, the HARP loan will allow a no-cash-out refinance of your existing loan to reduce your mortgage payment.
What if I refinance less than 80.01% of my home’s appraised value?
Loans refinanced at less than 80.01% of your home’s appraised value do not qualify for HARP. Refinancing less than 80.01% is considered a standard refinance loan.