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Home Affordable Refinance Program (HARP) Q & As

  1. Who is eligible for the program?
  2. How can I check if I’m eligible?
  3. Are condominiums eligible?
  4. Can I get an adjustable rate mortgage, or buy points?
  5. Are second homes eligible?
  6. Can I receive cash back or pay off a second mortgage through this refinance?
  7. Can I shorten the term on my loan with HARP?
  8. Is Third Federal opening its HARP program to new customers?
  9. Can I refinance a HARP loan again if I previously refinanced under HARP?
  10. Are jumbo loans eligible?
  11. Can I apply elsewhere?
  12. Will Third Federal still service my loan?

  1. Who is eligible for the program? Third Federal customers, in markets where we have a branch, with loans owned by Fannie Mae. The loan must have been sold to Fannie Mae prior to June 1, 2009. Customers must be current on their mortgage payment for the last six months, and have no more than one delinquency in the last 12 months.
  2. How can I check if I’m eligible? To check eligibility look up your loan on the Fannie Mae website to determine if it has been sold, go to www.fanniemae.com/loanlookup. You can then contact Third Federal’s Customer Service Department (1-800-THIRD FED) or your local branch to see if you are eligible at Third Federal.
  3. Are condominiums eligible? Not at Third Federal. However, other lenders may be able to underwrite a HARP loan above 80% Loan-to-Value (LTV) on a condominium.
  4. Can I get an adjustable rate mortgage, or buy points? No. The HARP program at Third Federal does not allow customers to buy points and is only available on fixed rate mortgages.
  5. Are second homes eligible? Not at Third Federal. Other lenders may have programs for second homes.
  6. Can I receive cash back or pay off a second mortgage through this refinance? No. Cash back or second mortgage pay offs are not permitted on HARP loans. However second mortgages can usually be subordinated to HARP loans. 
  7. Can I shorten the term on my loan with HARP? Yes, however if your payment increases by too much you may no longer qualify for HARP. In these cases we may suggest a longer term.
  8. Is Third Federal opening its HARP program to new customers? Not at this time. The Third Federal HARP program is only available as a courtesy to our current mortgage customers.
  9. Can I refinance a HARP loan again if I previously refinanced under HARP? No, customers who previously refinanced through the HARP program are not eligible for a second HARP loan.
  10. Are jumbo loans eligible? No. The maximum allowable loan amount is $417,000.
  11. Can I apply elsewhere? Yes. Even if denied by Third Federal, customers may be eligible with another lender through their HARP program.
  12. Will Third Federal still service my loan? Yes. Third Federal will process your HARP application, arrange for closing and fund the loan.  After settlement, we will continue to service the loan.