HARP has been a lifeline for many homeowners underwater with their mortgages, making it possible to refinance at today's lower rates and reduce monthly payments. In November, the federal government revised HARP guidelines to make the program even more accessible and valuable to many homeowners. At Citi, we know that HARP guidelines can be confusing, so we're here to help. Is HARP right for you? Here's what you need to know.
The Home Affordable Refinance Program (HARP) was established in 2009 to help homeowners obtain mortgage refinancing if they might not qualify otherwise (due to declining home values, for example). Via HARP, homeowners can refinance into new, more stable and affordable mortgages.
Under old HARP guidelines, you could obtain a fixed rate mortgage for up to 125% of home value; under the new guidelines, this cap for fixed rate loans is lifted (in other words, there are no loan-to-value ratio or LTV limits for loans of 30 years or less). For adjustable rate loans, you can borrow up to 105% of home value. So you can improve your monthly cash flow, pay off your mortgage faster--and even have new confidence to buy a new home.
HARP works not only for primary residences, but also for second homes and investment properties--including condominiums. No private mortgage insurance (PMI) is required, if it wasn't necessary to obtain the original mortgage. And no income documentation is required to refinance.
Qualifying for HARP
There are several guidelines you need to meet, to be eligible for HARP. Here are the major highlights:
· Your loan must have been originated no later than May 31, 2009.
· It must be owned or guaranteed by Fannie Mae or Freddie Mac.
· The loan amount can't exceed the conforming loan limits, as established by Fannie and Freddie, for the area where your home is located.
· Your loan must be current--with no late payments in the past 12 months.
· Your property can't have been refinanced before under HARP.
It's important to understand that these guidelines are set by Fannie and Freddie, not the mortgage servicers. Servicers like Citi can facilitate these programs on behalf of homeowners, but they don't establish the qualifying parameters for the program.
If you're interested in HARP and believe you might qualify, ask your mortgage company to find out for sure. Citi customers can call-toll-free 1-800-248-4638† or visit www.citimortgage.com. With today's mortgage rates at their lowest levels in decades, now's a great time to refinance. And if that wasn't an option for you before, the 'new and improved' HARP may be the answer. Ask your mortgage company for details.
† Calls are randomly monitored and recorded to ensure quality service.
Is this a joke? I've been trying to speak with a customer representative most of the day. I'm left on hold so long that the line cuts off. I'd like to refinance. However if I can't maintain a business relationship with Citimortgage, I will move my loan elsewhere.
Reply to this comment by Jenifer Andrews on 02/29/2012
I sincerely apologize for the long hold time. I forwarded your inquiry to a manager and asked that someone contact you. Thank you for taking time to contact us; we appreciate the opportunity to serve you.
Reply to this comment by CitiMortgage on 03/19/2012 in response to Jenifer Andrews
Hi, I have been trying to contact someone regarding a HARP loan for two days. I completed information on-line and was given a contact ID number. Someone did call but I missed the call and I haven't been able to get through on the phone number I was given. Is there another way to get in contact with someone?
Reply to this comment by Flora A. on 02/28/2012
Flora, I forwarded your information to the Homeowner Support team and ask that someone contact you immediately. Thank you for contacting us; we appreciate the opportunity to serve you.
Reply to this comment by CitiMortgage on 03/19/2012 in response to Flora A.
It was determined that we are eligible for the HARP program...I called the number given to me by one of the many Citi Representative I spoke with today. After waiting on hold for over 3 hours and 30 minutes I hear ringing versus the annoying hold music I have been listening to only to be disconnected... Feeling slighly defeated as I can not wait on hold that long again.
Reply to this comment by Joline on 02/10/2012
Joline, I sincerely apologize for the long hold time. I forwarded your comment and understand that Ashley sent you an email offering her assistance. If you still need assistance, please contact Ashley. Thank you for post.
Reply to this comment by CitiMortgage on 03/02/2012 in response to Joline
I only hear under water in these Harp programs. What about the hundreds of thousands of borrows who are not under water, in fact, we have great equity in our homes and have remained current. But, we have high interest rates and need relief. We can't refinance conventionally. Many of us are "under employed" or "unemployed". WHERE IS OUR HELP???
Reply to this comment by J Bird on 02/08/2012
Thank you for the question, J Bird. There are a number of programs available, but I'm unable to speak specifically to your loan because I don't have access to your account. I have asked one of our Homeowner Support Specialists to contact you directly.
Reply to this comment by CitiMortgage on 03/02/2012 in response to J Bird
I have requested a call regarding mortgage modification three times on the Citimortgage website. Two weeks ago somebody called with a range of questions and said the wait time to reach someone was 90 minutes or they could call me back. Nobody has ever called back. When I called today, the system says it's too busy and ends the call. I simply can't get anyone at Citimortgage to talk to me.
Reply to this comment by James on 01/30/2012
James, thank you for contacting us. I apologize for the experience. I forwarded your inquiry to one of our managers and asked that someone contact you directly. I understand he sent an email to you requesting additional information and is awaiting your response. Thank you for contacting us.
Reply to this comment by CitiMortgage on 03/02/2012 in response to James