Steps to HARP Refinance

1) Determine whether your mortgage is owned or guaranteed by Fannie Mae or Freddie Mac by visiting their respective Loan Lookup Tools.

2) Contact Aspen Mortgage for a FREE credit report, pre-qualification, and rate quote. You can also apply online using our secure application tool. Apply Online. Make sure you select a Loan Officer so we are notified when your application is complete.

What Is a HARP Refinance?

The difference with a HARP loan is that Fannie and Freddie have loosened the approval guidelines to help people who have experienced a decline in their home’s value.

The HARP program only applies to loans that are owned or guaranteed by Fannie Mae or Freddie Mac, which back the vast majority of mortgages in the US. So there's a good chance your loan is eligible. Find out using the Loan Lookup Tools

FHA loans are NOT eligible. However, your FHA loan may be eligible for an FHA Streamline Refinance, which in many cases does NOT require an appraisal or re-verifying income.

LTV, TLTV ratios
HARP loan guidelines allow for loan-to-value (LTV) ratios up to 125 percent. Second mortgages can NOT be paid off, but they are allowed to be re-subordinated.

No PMI
HARP loans do not require monthly mortgage insurance, which is normally required when the LTV exceeds 80 percent. That's a huge plus when trying to lower your payments.

You May Be Eligible for HARP Refinance IF:

- The loan on your home is owned or guaranteed by Fannie Mae or Freddie Mac.

- At the time you apply, you have not been more than 30 days late on your mortgage payment in the last 12 months.

- The amount you owe on the first mortgage does not exceed 125% of the current market value. Call  for FREE home value analysis.

- The current loan does not have mortgage insurance.

- Your loan was originated prior to 5/31/2009.

Note: If your current loan has mortgage insurance, you may be eligible, but will have to work directly with your existing loan servicer to obtain a HARP loan.