HARP Now Available To More Homeowners!

by James Yancey

HARP UPDATE – The Home Affordable Refinance Program Has Improved

Great news homeowners!  As I predicted the powers that be Fannie Mae and Freddie Mac have announced a new loan delivery deadline for the HARP – Home Affordable Refinance Program. (If you not sure exactly what the HARP Program is there’s a video below to give you the details you deserve!)

So, what does this update mean for me?

It means if you were denied for the HARP program because your loan mortgage was delivered to Fannie Mae or Freddie Mac after the May 31, 2009 deadline and that was the only reason for you denial you may now be eligible to refinance.

How does this rule improve the program for me?

The changes are pretty simple…

The Former Rule Stated:  A mortgage loan eligible for the HARP program must be delivered to Fannie Mae or Freddie Mac no later than May 31, 2009.

New Rule States:  Your mortgage loan Note must be dated no later than May 31, 2009.

By using the Note date (the day you closed) Fannie Mae and Freddie Mac have essentially recognized that the time span between when your loan closed and they received it should not prohibit eligibility.  (This can take to 60 days for loans that are immediately sold to Fannie or Freddie, not to mention those that are not immediately sold – so this could impact many homeowners in a positive way!)

What is a Note and where can I find it?

Your Note can be found in your closing package – it says “NOTE” in bold caps at the top of the first page and will typically be no more than four pages (and is usually only 2 pages).  If you look for “NOTE” at the top you can’t miss it.

In most cases the date of your Note and closing date will be the same.  If they are different follow the date printed at the top of your Note that will determine if your eligible for the new HARP changes.

Who should I contact for help?

Contact your chosen mortgage professional and take advantage of the HARP refinance program today or call me James Yancey “The Mortgage Lending Man” directly at 410-656-9495 and I’ll be happy to help you.

What Is HARP Exactly? (click play and get the details below!)

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