The answer is a definite maybe. Clients of mine have been solicited by banks saying that they are eligible for the HARP program and would be able to receive a lower interest rate than market without an appraisal. Um, really?
The Harp program has very stringent guidelines. Your loan must be owned by Fannie Mae or Freddie Mac AND be eligible for the program. A good banker or mortgage broker should be able to determine if you are eligible.
Is everyone who has an eligible mortgage going to benefit for the program? If your loan to value is less than 80%, then no. You are eligible for a regular, conventional mortgage at today's current all time low rates. If your loan to value has slipped, you may be eligible for the Harp program. If you are in a condo or coop, you still may need an appraisal.
Sound confusing? It is. If you think you are eligible, call your banker or mortgage broker. While we wish everyone was a candidate for this program, we know better.
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