The Home Affordable Refinance Program (HARP) 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. This program will be available through September 30, 2017. We offer HARP fixed rate terms of 30, 20 and 15 years.The Home Affordable Refinance Program (HARP) 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. This program will be available through September 30, 2017. We offer HARP fixed rate terms of 30, 20 and 15 years.
Fannie Mae / Freddie Mac Requirements
You must meet the following criteria to qualify for a HARP refinance:
- Your current loan must have been sold to Fannie Mae or Freddie Mac. To find out, contact your current loan servicer or visit:
- Your existing loan must have been sold to Fannie Mae or Freddie Mac prior to June 1, 2009.
- During the last 12 months, all of your mortgage payments must have been made within 30 days of the due date.
- Your HARP refinance must be approved by Fannie Mae or Freddie Mac's Automated Underwriting System (AUS).
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:
- AUS finding of 'Approve Eligible' (Fannie Mae) or 'Accept Eligible' (Freddie Mac).
- Minimum FICO score of 680.
- Maximum Debt-to-Income ratio of 45%.
- Maximum Loan to Value of 125%
- Property value supported by an Automated Valuation Model.
- Maximum of one primary residence HARP mortgage and one investment property HARP mortgage through AimLoan to any one borrower.
- All borrowers on the existing loan must remain on the new HARP refinance (this requirement applies to all AimLoan Serviced and Non Serviced HARP Loans).
Frequently Asked Questions
- 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.