If you're not behind on your mortgage payments but have been unable to get traditional refinancing because the value of your home has declined, you may be eligible to refinance through the Home Affordable Refinance Program (HARP). HARP is designed to help you get a new, more affordable, more stable mortgage. HARP refinance loans require a loan application and underwriting process.
As long as your loan was purchased by Fannie or Freddie prior to May 31, 2009, you are current on your mortgage, and have paid on time for the last six months (and eleven of the previous twelve months), you may be able to qualify for HARP without income verification if you can show that you have assets equal to 12 months of mortgage payments (principal, interest, taxes, insurance, and any other fees).
These assets can be in the form of a variety of liquid assets: cash, stocks, bonds, mutual funds, vested retirement accounts, and money market funds.
Furthermore, certain income and asset verifications were reduced to make the loan process easier.
For more information on qualifying for HARP contact us today!
Click HERE to see if your loan is owned by Fannie Mae
Click HERE to see if your loan was owned by Freddie Mac