If you are under water on your home, meaning you owe more on your mortgage than the home’s current value, HARP Tucson may be a program that will work for you. If you are current on your mortgage but you were not able to get refinancing on your home before in order to get a better interest rate, the HARP program at Nova Home Loans can help you. HARP stands for the Home Affordable Refinance Program. This is a home refinancing program that is administered through the Federal Housing Finance Agency, and it was created to help homeowners stay in their homes by giving them payment terms that they will be able to meet.
You can find out more about the HARP program in Tucson through a mortgage broker. There are some important criteria you have to meet before you can apply for HARP. You need to not yet be behind on your mortgage, with on-time mortgage payments for the last twelve months. That means no payments more than 30 days overdue during that time. Your current mortgage has to be guaranteed to Fannie Mae or to Freddie Mac, and must have been transferred to Fannie Mae or Freddie Mac on or prior to May 31, 2009.
There are a few other criteria you will need to meet. For instance, the current loan to value ratio on your home has to be over 80 percent; there is no maximum limit. If you also have more than one mortgage, you may still qualify for HARP if the lenders agree and if you can demonstrate that you will be financially able to make your new payments.
You’ll first need to find out if your mortgage is owned by Fannie Mae or Freddie Mac. You can submit your information on the Fannie Mae and Freddie Mac websites to determine if one of these agencies owns your mortgage. If you aren’t sure where to start, ask a mortgage broker to sit down with you. Bring your tax return with you, any information you may have about junior mortgages on the home, and a list of any other accounts you have with their current balances and monthly payment amounts. Don’t wait until you get behind. Act now before you actually do get behind on your mortgage payments. HARP Tucson has been extended through December 31, 2013.
