Tuesday, August 13, 2013

Fannie Mae or Freddie MAC HARP Refinance guidelines for Louisville Kentucky Homeowners

Does Fannie or Freddie Own Your Loan?

 Fannie Mae or Freddie MAC HARP Refinance guidelines for Louisville Kentucky Homeowners





 Does Fannie or Freddie Own Your Loan?

If your mortgage is owned by Fannie Mae or Freddie Mac, you may be eligible for a Home Affordable Refinance and take advantage of lower interest rates.
You can find out if Fannie Mae or Freddie Mac owns your loan directly by clicking on the links below.


1-800-7FANNIE (8am to 8pm EST)
www.knowyouroptions.com/loanlookup


1-800-FREDDIE (8am to 8pm EST)
www.freddiemac.com/mymortgage

Your mortgage company can also tell you who owns your loan.Click here to contact your mortgage company.
After finding out whether your mortgage is owned by Fannie Mae or Freddie Mac, see if you may be eligible for a Home Affordable Refinance by clicking on the links below.
Find out if you may be eligible
Understanding your mortgage statement


 Fannie Mae or Freddie MAC HARP Refinance guidelines for Louisville Kentucky Homeowners

Home Affordable Refinance Program (HARP)

If you're not behind on your mortgage payments but have been unable to get traditional refinancing because the value of your home has declined, you may be eligible to refinance through the Home Affordable Refinance Program (HARP). HARP is designed to help you get a new, more affordable, more stable mortgage. HARP refinance loans require a loan application and underwriting process, and refinance fees will apply.
+ Eligibility
You may be eligible for HARP if you meet all of the following criteria:
  • The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae.
  • The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
  • The mortgage cannot have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009.
  • The current loan-to-value (LTV) ratio must be greater than 80%.
  • The borrower must be current on the mortgage at the time of the refinance, with a good payment history in the past 12 months.
If your loan is owned by Freddie Mac, you may check your potential eligibility for HARP here.
If your loan is owned by Fannie Mae, you may check your potential eligibility for HARP here.
*Eligibility criteria are for guidance only. Contact your mortgage servicer to see if you are eligible for HARP.

+ Program Availability
Ask your mortgage servicer (the company to which you make your mortgage payments) if they participate in HARP. Not all mortgage servicers do. ContactFannie Mae or Freddie Mac for help in determining if you may be eligible for HARP. 
Program ends December 31, 2015.
+ Steps to HARP Refinance
  • Determine whether your mortgage is owned or guaranteed by Fannie Mae or Freddie Mac by visiting their respective Loan Lookup Tools.
  • Contact your current mortgage servicer or another that is approved by Fannie Mae or Freddie Mac to inquire about HARP.
  • Compare rates and costs with additional mortgage companies to ensure best refinance terms.
+ For More Information
  • Visit Fannie Mae at KnowYourOptions.com or call (800)7Fannie.
  • Visit FreddieMac.com, call (800)Freddie.
  • If you have additional questions about getting mortgage help, contact one of our housing experts at 888-995-HOPE (4673). These HUD-approved housing counselors will help you understand your options, design a plan to suit your individual situation and prepare your application. Research shows that homeowners who work with housing experts like these are more successful and have better long-term outcomes. There is no cost to you for this valuable, around-the-clock service. Help is available in more than 160 languages.
Joel Lobb (NMLS#57916)
Senior  Loan Officer
502-905-3708 cell
502-813-2795 fax
kentuckyloan@gmail.com

Key Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*

Louisville, KY 40222*