Does HARP require an appraisal now in 2018?

Does HARP require an appraisal now in 2018?

No, HARP (Home Affordable Refinance Program) no longer requires an appraisal for eligible homeowners looking to refinance their mortgages in 2018. This change was made to streamline the process and help more homeowners take advantage of the program.

FAQs about HARP and appraisals in 2018:

1. What is HARP?

HARP is a government program designed to help homeowners with little or no equity refinance their mortgages at lower interest rates.

2. Why did HARP eliminate the appraisal requirement?

Eliminating the appraisal requirement helps to speed up the refinancing process and reduce costs for homeowners.

3. Who is eligible for HARP in 2018?

To be eligible for HARP, homeowners must meet certain criteria set by the program, including being current on their mortgage payments and having a loan originated before May 31, 2009.

4. What is the benefit of refinancing through HARP?

Refinancing through HARP can lower your monthly mortgage payments, reduce your interest rate, and help you build equity in your home faster.

5. Are there any fees associated with HARP refinancing?

While there may be some closing costs associated with HARP refinancing, they are typically lower than those associated with a traditional refinance.

6. How do I know if my mortgage is owned by Fannie Mae or Freddie Mac?

You can use the online loan lookup tools provided by Fannie Mae and Freddie Mac to determine if your mortgage is owned by one of these entities and therefore eligible for HARP.

7. Can I refinance through HARP if I have a second mortgage?

Yes, homeowners with second mortgages may be eligible for HARP as long as they meet all other program requirements.

8. Can I use HARP to refinance an investment property?

No, HARP is only available for primary residences. Investment properties and vacation homes are not eligible for the program.

9. Does HARP have a credit score requirement?

While HARP does not have a minimum credit score requirement, lenders may have their own credit score requirements for refinancing through the program.

10. How long does it take to refinance through HARP?

Refinancing through HARP typically takes around 30 days from start to finish, but this timeline can vary depending on the lender and individual circumstances.

11. Can I refinance through HARP if I have a VA loan?

No, HARP is specifically designed for homeowners with conventional loans backed by Fannie Mae or Freddie Mac. VA loans have their own refinancing programs available.

12. Can I refinance through HARP more than once?

Yes, as long as you meet all program requirements, you can refinance through HARP multiple times until the program expires on December 31, 2018.

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