HARP 2 Loan Eligibility

Phoenix Arizona HARP eligibility

Both Fannie and Freddie have provided an online tool to allow Arizona’s homeowners to check and see if their Phoenix area home and mortgage is eligible for a HARP refinance.  The eligibility websites can be found here:

To see if you are eligible for a HARP refinance please look up your address on the following two links:
Arizona Homeowners can jump on these two mortgage sites and plug in some very basic information to see if they are eligible for either Fannie or Freddie’s version of HARP.  After filling in the required fields (name, address etc…) and trying to decipher the security code on Fannie’s HARP site without going blind a homeowner clicks submit….and holds their breath.
Once the wait is over and if the homeowner is eligible it is time to start saving money with an Arizona HARP refinance.  Or is it?   The Fannie/Freddie mortgage eligibility sites are only step one.  These sites are designed to determine whether a homeowner’s mortgage is serviced by one of the two mortgage giants and if the loan has been with Fannie/Freddie since May 31, 2009 or before.  This is only step 1 when finding out if their loan is eligible for HARP.  There are other factors that need to be evaluated by your Arizona HARP mortgage lender in order to find out if a property and the mortgage used to finance are HARP eligible.
It is entirely possible that a homeowner may get a positive or “eligible” result on either Fannie or Freddie’s eligibility site and still have an  Arizona home mortgage that is not eligible for HARP.  The only way to know for sure if a property/mortgage is eligible is to have a full mortgage application processed through Fannie or Freddie’s automated underwriting engines (Fannie’s = “DU” and Freddie’s = “LP”).  DU and LP will evaluate the borrower, the property AND the mortgage to make sure they all are eligible for HARP.
Truth is that the majority of the properties that come up as eligible on Fannie and Freddie’s eligibility sites will in fact be eligible for HARP/HARP 2. However, not all of them will be.   Each homeowner needs to take the proper steps so they can determine exactly how HARP/HARP 2 can help them.  Contact me, your Phoenix HARP mortgage lender to take the steps necessary to find out if you are eligible for HARP/HARP2.  I can find out if you are eligible within 15 minutes and there is no cost to do so.  You can APPLY NOW.
By Jeremy House

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  1. […] with a prior bankruptcy, foreclosure or short sale no longer have to wait to use the HARP refinance program.  Previously, homeowners had to wait for years following derogatory events.  The waiting period […]

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