Quick Access Resources:

• HARP Qualification Tool
• Florida HARP Application

Big things come in small packages – sometimes in great programs like the United States’ Home Affordable Refinance Program or otherwise known as HARP. This refinancing program lets you work out your debts with ease and lower your mortgage rates. Sounds good, right? But the next questions you might ask are:

• Where can we request and submit the HARP program application?
  (click here or see the quick access resources above)
• Am I eligible…

Please keep reading if you still have questions. But the quickest way to see if you are eligible is to submit an application.

As small as it seems, the HARP program has a huge array of features and benefits that aim to help homeowners keep their homes and avoid foreclosure by lowering monthly payments. Getting a refinance program can also be complicated. You know how some refinance financial institutions require the most stringent qualifications. Hence, many homeowners fail to get approval.

Even with all these facts, homeowners may be concerned about certain elements they hear about the program. Some say the HARP application process is tedious and complicated. Others exclaim that the requirements can be tricky. Whatever the complexity rate is, HARP is a great program to simply let pass. To find out if you are eligible for the program, it is best to contact your mortgage service. You can check if you meet the requirements and qualify for the program before you start on the application.

Eligibility Checklist and Application Process

In order to be eligible for this program, you must:

• Provide proofs that you can pay and commit to your new payment terms and conditions
• Certify that your loan is under the Fannie Mae program, also known as Federal National Mortgage Association (FNMA), or the Freddie Mac, otherwise known as Federal Home Loan Mortgage Corporation (FHLMC)
• Ensure that you are up-to-date on your payments within the last year or at least not overdue for more than 30 days
• Verify that your outstanding balance must not be more than 125% of your home’s current value
• Confirm that your loan is “underwater,” which simply means that your loan is greater than the overall value of your house

This checklist is just guide so you can have an overview of the program and assess your present condition. It is still a smart move to consult your mortgage services. You can also take advantage of the free services provided by the U.S. Department of Housing and Urban Development and request for a housing and home loan advice. With these guides, you can look into your available options and avoid mistake or confusion. It is also important to request for a home appraisal so you know your house’s current market value.

After you have verified your status based on the eligibility checklist, you must complete this application form (Florida residents only).

All other US residents see this page for details. It is important to provide them all information related to your mortgage such as the house value, proof of capacity to pay, and the available loan balance. These things will assist you on your HARP application.