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A HARP loan is that one that supports an individual in mortgage refinancing to enable him or her change their existing mode of mortgage interest rate. This allows someone to choose the option that suits his or her income capacity. Consequently, it would be easier for the individual to meet their payments in due time without much hustle.
There is the procedure for the eligibility of an individual in order to access such funds. To determine whether one qualifies for such benefits, it is important to visit the loans and debt management board. It is the one in charge of determining the qualification process of an individual.
Some of the general requirements include the ownership of a 1 to 4--unit house. One should have the important documents to prove ownership of the house. In case of any problem, the various broker and mortgage experts are there to assist a person.
Another important criterion of this fund acquisition is that the person existing mortgage should be either from Freddie Mac or from Fannie Mae. Although this is a prerequisite thing to note, one could still get the refinance loans even if their mortgage is not an ownership of either of the two. However, it would take a series of steps as the board analyzes all their financial situations to determine their eligibility.
One ought to have a good credit history to make the application process easier. It is requirement for the individual to have made their monthly payments regularly without fail. Additionally, there should be no notable delays in payments of at least 30 days for the previous twelve months before application.
Lastly, it is important that the person convince the board that they are in a position to meet all the monthly payments without fail. Availing all the necessary documents and cash statement would make it easier. The harp loan experts could assist one in this endeavor.
There is the procedure for the eligibility of an individual in order to access such funds. To determine whether one qualifies for such benefits, it is important to visit the loans and debt management board. It is the one in charge of determining the qualification process of an individual.
Some of the general requirements include the ownership of a 1 to 4--unit house. One should have the important documents to prove ownership of the house. In case of any problem, the various broker and mortgage experts are there to assist a person.
Another important criterion of this fund acquisition is that the person existing mortgage should be either from Freddie Mac or from Fannie Mae. Although this is a prerequisite thing to note, one could still get the refinance loans even if their mortgage is not an ownership of either of the two. However, it would take a series of steps as the board analyzes all their financial situations to determine their eligibility.
One ought to have a good credit history to make the application process easier. It is requirement for the individual to have made their monthly payments regularly without fail. Additionally, there should be no notable delays in payments of at least 30 days for the previous twelve months before application.
Lastly, it is important that the person convince the board that they are in a position to meet all the monthly payments without fail. Availing all the necessary documents and cash statement would make it easier. The harp loan experts could assist one in this endeavor.
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