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Do I qualify for the HARP Mortgage Program?

My home was bought by Freddie back in 2008 and my home currently is around 150% loan to value. My credit has remained steady at 730-740 throughout the last year or so. We make our payments on time and we have never been late. Will I be able to qualify for the HARP program? by bettyw_725_392 from Winter Haven, Florida. Jan 10th 2012 Reply


Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,754 contributions

It is very likely you will qualify. Of course no one knows for sure until you complete a full application with a local licensed Loan Officer. Be aware that contrary to what you may see, HARP 2 realistically will not be available on any sort of wide scale until AFTER March 15th 2012. That is the day Fannie Mae and Freddie Mac computers will start allowing lenders to submit HARP 2 applications for automated underwriting. Prior to that date, it is a manual underwrite, and that is too risky for 99% of lenders. Need HARP in MN or WI? Visit www.MortgagesUnlimited.biz

Jan 11th 2012
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,414 contributions

Based on the limited information you provided, yes, you would qualify for HARP 2.0. contact a local mortgage broker, not a bank and apply with them... although the program is not yet open to applicants, once it is, there will be a flood, and turn times will be terriable. Get in line early, and it shouldnt be too bad... WilliamAcres.com

Jan 10th 2012
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Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 1,815 contributions

Congratulations. Keeping your payments current is one of the factors required under the enhanced HARP program. The program is anticipated to be officially launched in Mid March, and it sounds like you would be eligible to participate. Contact a local Mortgage Banker/Broker, rather than one of the big banks. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. More iimportantly, He/She will have the information you are looking for once the program is launched. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com

Jan 10th 2012
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Because there is an unlimited LTV with HARP 2, as long as you have no late payments in past 6 months or 1 in the last 12, you should be able to qualify for it assuming you can meet all of the lender's guidelines. I only do loans in CA so I can't help you with it, however, find yourself a savvy mortgage broker in Winter Haven and he or she should be able to assist you. The program won't be available until 3/1 at the earliest, and the lenders have to sign onto it, but my expectation is most of them will.

Jan 11th 2012
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Brian Dawson (brian.dawson)
#41 ranked lender in Ohio - 104 contributions

Yes by Mid March I can do this for you. I represent a correspondent lender with MANY big bank investors. I corporate headquarters is in Boca Raton, so I am very familiar with the Florida market. Please contact me on March 1st and I can get you pre-qualified and get everything ready to go once the program is formally introduced.866-790-4489-EXT 4207www.ohiomortgagebestrates.combrian.dawson@wcslending.com

Jan 11th 2012
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