What Is HARP and Who Qualifies?

This is Krissy. This is Krissy’s home.

Krissy pays her mortgage on time but, due to the economy over the past few years, her

home has lost value.

She’d really love to take advantage of today’s low

mortgage rates and save some money for school, but she’s not

sure what to do.

But how do I know I’m eligible?

Enter HARP Man! He’s here to let you know about the Home Affordable Refinance Program:• HARP is an FHFA program that offers

homeowners who lost value in their home due to the economy a chance to refinance to a lower, more affordable interest rate.

• Quicken Loans allows refinances up to 200% of your home’s value.

• Those who qualify save an average $250 a month.*

• HARP Man doesn’t need a cape because the average person qualifies for HARP.

*Average actual monthly payment savings based on total 2012 Fannie Mae HARP mortgage volume. Your monthly savings may vary based on the specific terms of the loan selected, the interest rate, APR and other factors. All loans subject to credit approval.

There are FIVE

qualifications you

gotta meet to

refinance with HARP.

That’s HARP Man’s catchphrase. He won’t stop saying it. But he’s right! The first qualification is:Verify your loan is owned by Freddie Mac or Fannie Mae. Why? They’re government-owned entities, and HARP is a government-run program. Not sure if your loan is owned by Freddie or Fannie? Submit some quick info here and we’ll check for you!

The second qualification is:

Make sure your loan was closed BEFORE May 31, 2009. That’s the deadline established for HARP, and many think they aren’t eligible because naysayers tell them they aren’t. After this naysayer said something about HARP Man’s mother AND lied about HARP eligibility, he took action. For shame, HARP naysayer. For shame.

You’ve offended the two things I love most!

The next two qualifications are similar in that they require responsible spending. To be eligible for HARP, make sure you meet points #1 and #2:• No late payments in the past 6 months• No more than one late payment in 12 months

Remember how Krissy was smart and timely with her mortgage payments? You must practice this as well, because HARP is for financially wise homeowners.

One must be stoic and prompt, just like HARP Man.

So what’s the last qualification, you ask? Well, just like HARP Man casually balances solid gold cash symbols on a two-ton chair, you must balance your finances. The final HARP qualification is:

Be current with your mortgage

payments.This probably sounds familiar, but it must be brought up again! Many people have huge misconceptions about HARP (or even think you should stop making payments before applying). This is not true at all, and you should always practice smart spending. If you have any doubts, contact a Home Loan Expert at Quicken Loans to clear up any confusion. Now, let’s go back to Krissy and see how she’s doing.

Find out if you’re eligible for HARP today.

Our Home Loan Experts are ready to help you find a mortgage

option that meets your financial goals.

Visit QuickenLoans.com/HARP-Program to learn more!

Who knew qualifying for HARP was this simple?!

I’m totally eligible for HARP. Thanks, HARP

Man!