HARP Update 9/12/12

Filed in HARP Program Updates by on September 19, 2012 0 Comments

HARP Update 9/14/12:

Fannie Mae and Freddie Mac recently loosened their HARP guidelines in order to allow even more people to qualify for the program.

Formerly, borrowers needed to have their income(s) verified and needed to meet certain debt-to-income (DTI) ratios in order to qualify for HARP. Now, those DTI requirements have been waived in some cases.

As long as your loan was purchased by Fannie or Freddie prior to May 31, 2009, you are current on your mortgage, and have paid on time for the last six months (and eleven of the previous twelve months), you may be able to qualify for HARP without income verification if you can show that you have assets equal to 12 months of mortgage payments (principal, interest, taxes, insurance, and any other fees).

These assets can be in the form of a variety of liquid assets: cash, stocks, bonds, mutual funds, vested retirement accounts, and money market funds.

Furthermore, certain income and asset verifications were reduced to make the loan process easier. For more information on qualifying for HARP contact one of our licensed mortgage professionals today.

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