Home Affordable Program
The Home Affordable Program is designed for homeowners who pay their mortgage on time but are not able to refinance because they have little or no equity in their home.
Fannie Mae / Freddie Mac Requirements
You must meet the following criteria to qualify for a HARP refinance:
Additional AimLoan Requirements if Change in Servicer
If the mortgage being refinanced is currently serviced by another lender/servicer, AimLoan requires the application also meet the following underwriting requirements:
To view rates and obtain a good faith estimate for a Home Affordable refinance with AimLoan, click here.
If I have a first and a second mortgage, do I still qualify?
Yes, as long the lender on the second agrees to subordinate their loan to the new first mortgage, thereby remaining in second position.
Can I combine my first and second mortgages into one loan?
No, the HARP program does not allow you to combine your first and second mortgages into one loan. You are only allowed to pay off your first mortgage.
Can I get cash out to pay off debts?
No. However, you may add your closing costs to the loan. If your current mortgage is owned by Fannie Mae, there is no limit to the amount of closing costs you may add to your balance. If your current mortgage is owned by Freddie Mac, the maximum closing costs you may add to your balance is limited to 4% of the current balance or $5,000, whichever is less.
If I am delinquent on my mortgage, will I still qualify?
No. Borrowers who are currently delinquent on their mortgage should contact their current lender/servicer and ask about a loan modification.
Will I need mortgage insurance?
If your existing loan does not have Private Mortgage Insurance (PMI), it will not be required as part of your HARP refinance either. If your existing loan has PMI, your HARP refinance will also require it. PMI for this program will only be available through your existing PMI company.
AimLoan is approved to assume PMI policies with the following major PMI companies:
Genworth (formerly GEMICO)
How long will the HARP program be available?
The program expires on December 31, 2015. Your refinance transaction must be closed and funded on or before that date.