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					[UPDATED 10-31-11]:

October 2011: The Complete, Revamped HARP / Making Home
Affordable Eligibility Requirements

There has been a fair amount of frustration with the government programs to date… and for good
reason. This may be the one that FINALLY helps Florida home owners. Be sure to read question

Be sure to see the NEXT BEST STEPS for you at the end of the FAQ.

[UPDATED 10-31-11]: The government announced changes to its HARP program [October 24, 2011]. This alert is
accurate and up-to-date.
If you're underwater on your conforming, conventional mortgage, you may be eligible to refinance without paying down
principal and without having to pay mortgage insurance.

Here are the details of the government's new 2011 HARP refinance program.

What Is HARP?
HARP was started in April 2009. It goes by several names. The government calls it HARP, as in Home Affordable
Refinance Program.
The program is also known as the Making Home Affordable plan, the Obama Refi plan, and Relief Refinance.
In order to be eligible for the HARP refinance program:
        1. Your loan must be backed by Fannie Mae or Freddie Mac.
        2. Your current mortgage must have a securitization date prior to June 1, 2009
If you meet these two criteria, you may be HARP-eligible. If your mortgage is FHA, USDA or a jumbo mortgage, you
are not HARP-eligible.

HARP: Questions and Answers
Do these question-and-answers account for the "new" HARP program?
Yes, everything you are reading is accurate as of today, October 31, 2011. This information includes the latest changes
rolled out by the Federal Home Finance Agency on October 24, 2011.
    1. How do I know if Fannie Mae or Freddie Mac has my mortgage?
Fannie Mae and Freddie Mac have "lookup" forms on their respective websites. Check Fannie Mae's first because Fannie
Mae's market share is larger. If no match is found, then check Freddie Mac. Your loan must appear on one of these two
sites to be eligible for HARP.
    2. If my mortgage is held by Fannie Mae or Freddie Mac, does that mean I'm instantly
       eligible for the Home Affordable Refinance Program?
No. There is a series of criteria. Having your mortgage held by Fannie or Freddie is just a pre-qualifier.
    3. Is "HARP" the same thing as the government's "Making Home Affordable" program?
Yes, the names HARP and Making Home Affordable are interchangeable.

                         Certified Mortgage Planners | Keith Tanner | 407.383.8903 |
    4. My mortgage is held by Fannie/Freddie. Now what do I do?
Find a recent mortgage statement and write "Fannie Mae" or "Freddie Mac" on it -- whichever group backs your home
loan -- so you don't forget. Give that information to us when you apply for your HARP refinance.
    5. What if neither Fannie Mae nor Freddie Mac has a record of my mortgage?
If neither Fannie nor Freddie has record of your mortgage, then your loan is not HARP eligible. However, you may still be
eligible for a "regular" refinance to lower rates.
    6. Am I eligible for the Home Affordable Refinance Program if I'm behind on my mortgage?
No. You must be current on your mortgage to refinance via HARP.
    7. Will the Home Affordable Refinance Program help me avoid foreclosure?
No. The Home Affordable Refinance Program is not designed to delay, or stop, foreclosures. It's meant to give
homeowners who are current on their mortgages, and who have lost home equity, a chance to refinance at today's low
mortgage rates.
    8. What are the minimum requirements to be HARP-eligible?
[Updated 10-31] First, your home loan must be paid on-time for the prior 6 months, and at least 11 of the most recent 12
months. Second, your mortgage must have been sold to Fannie or Freddie prior to June 1, 2009. And, third, you may not
have used the HARP program before -- only one HARP refinance per mortgage is allowed.
    9. I am really far underwater on my mortgage. Can I use HARP?
Yes! All homes – regardless of equity are eligible for the HARP program. The new HARP program specifically has no
loan-to-value restriction so homeowners in Florida, California, Arizona and Nevada can take advantage of it. You can
have 300% loan-to-value, and still be HARP-eligible.
    10. Will my home need an appraisal with the HARP program?
[Updated 10-31] Sort of. Although your home's value doesn't matter for the HARP program, lenders will run what's called
an "automated valuation model" (AVM) on your home. If the value meets reliability standards, no physical appraisal will be
required. However, your lender may choose to commission a physical appraisal anyway -- just to make sure your home is
    11. Is HARP the same thing as an FHA Streamline Refinance?
No, the HARP program is administered through Fannie Mae and Freddie Mac. FHA Streamline Refinances are performed
through the FHA. The programs have similarities, however.
    12. Do I have to HARP refinance with my current lender?
No, you can do a HARP refinance with any participating lender.
    13. I put down 20% when I bought my home. My home is now underwater. If I refinance with
        HARP, will I have to pay mortgage insurance now?
No, you won't need to pay mortgage insurance. If your current loan doesn't require PMI, your new loan won't require it,
    14. I pay PMI now. Will my PMI payments go up with a new HARP refinance?
No, your private mortgage insurance payments will not increase. However, the "transfer" of your mortgage insurance
policy may require an extra step. Remind your lender that you're paying PMI to help the refinance process move
more smoothly.

    15. What's the biggest mortgage I can get with a HARP refinance?
HARP refinances are limited to the conforming loan limit of $417,000.
    16. Can I do a cash-out refinances with HARP?
No, the HARP program doesn't allow cash out refinance. Only rate-and-term refinances are allowable.
    17. Can I refinance an investment/rental property with HARP?

                        Certified Mortgage Planners | Keith Tanner | 407.383.8903 |
[Updated 10-31] Yes, you can refinance an investment/rental property with HARP, even if the home was once your
primary residence. You can refinance a home on which you're an "accidental landlord" via HARP. The loan must meet
typical program eligibility standards.
    18. Can I refinance a second/vacation home with HARP?
[Updated 10-31] Yes, you can refinance an second/vacation property with HARP, even if the home was once your
primary residence. The loan must meet typical program eligibility standards.
    19. Can I refinance a condo with a HARP refinance?
[Updated 10-31] Yes, condos can be financed on the HARP refinance program. Warrantable standards still apply
    20. Can I consolidate mortgages with a Making Home Affordable refinance?
No, you cannot consolidate multiple mortgages with the HARP refinance program. It's for first liens only. All
subordinate/junior liens must be re-subordinated to the new first mortgage. If you have a second mortgage be sure to
mention that to us as well.
    21. Can I "roll up" my closing costs into a Making Home Affordable refinance?
Yes, mortgage balances can be increased to cover closing costs in addition to other monies due at closing such as
escrow reserves, accrued daily interest, and a small amount of cash. In no cases may loan sizes exceed the local
conforming loan limits, however.
    22. I am unemployed and without income. Am I HARP-eligible?
No. Income verification is required for the HARP refinance program.
    23. My original mortgage was a stated income loan. Will my income be verified with a HARP
Yes, with HARP, applicant income is verified in the same manner as with a traditional refinance -- via a combination of W-
2s, paystubs, tax returns and other, underwriter-requested documentation.
    24. What are the HARP program's mortgage rates?
[Updated 10-31] Mortgage rates for the HARP program are the same as for a "traditional" refinance. There are no
“premiums per se, but Loan-Level Pricing Adjustments may apply. LLPAs may come into play with credit scores, property
types, etc. Loan-to-Value LLPAs are reduced and/or waived.
    25. Is there a minimum credit score to use the HARP program?
No, there is no minimum credit score requirement with the HARP refi program, per se. However, you must qualify for the
mortgage based on traditional underwriting standards.
    26. Do I have to refinance my mortgage with my current lender?
In most cases, no. You can do a HARP refinance with any lender you want.
    27. Can I remove my spouse or a co-signer with a HARP refinance?
Maybe. HARP guidelines specifically prohibit removing a co-signer from the note, but there are circumstances in which
you can remove a co-signer from the mortgage and from the deed so that the former co-signer has no ownership interest
in the home.
    28. For how long should I lock my mortgage rate via the HARP PROGRAM?
Lock for 45 days, at minimum. This is because the HARP program, while streamlined for simplicity, still has some
grey areas that can lead to delay. It's better to have a rate lock that lasts too long than not long enough. NOTE:
There is a sense of urgency with this. You are best served BY MOVING QUICKLY.
    29. When does the HARP program end?
If you are HARP-eligible, you must close on your mortgage prior to January 1, 2014 -- 792 days from now.

                        Certified Mortgage Planners | Keith Tanner | 407.383.8903 |
                       Apply For Home Affordable Refinance Program
Lastly, don't forget! The Home Affordable Refinance Program is not meant to save a home from foreclosure. It's meant to
give underwater homeowners a chance to refinance without paying PMI. If you need foreclosure help, call your current
loan servicer immediately.

                                            Your NEXT BEST STEPS

    1. Get STARTED now.

        Lenders will be bringing this to market over the next couple of weeks. This is the time to be getting your ducks in
        a row so you can get in front of the line. This will be popular in FLORIDA so don’t get behind.

        You could wait… but you will regret it.

    2. Find your most recent mortgage statement and write on the top whether Fannie or
       Freddie owns it.

        Check Fannie Mae's first because Fannie's market share is larger. If no match is found, then check Freddie Mac.
        Your loan must appear on one of these two sites to be eligible for HARP. Fax or email your mortgage statement
        to us.

        Fax - 407.622.2646, Attn: Keith

        Email -

    3. Contact us with any additional questions or if you have trouble with the links in this
       FAQ release. If you prefer to chat, you can call me at 407.383.8903

                         Certified Mortgage Planners | Keith Tanner | 407.383.8903 |

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