Harp 2.0

Postal Credit Union is a HARP Lender

What is HARP 2.0?

HARP 2.0 is a program that allows homeowners who are underwater on their mortgage refinance to today’s much lower interest rates. In particular, it's geared toward people who can't find assistance elsewhere and have made on-time mortgage payments.

Who is eligible to refinance using the HARP program?

In order to refinance your mortgage at PCU under the HARP program your mortgage loan must meet these criteria:

  • The mortgage must be owned or guaranteed by Fannie Mae
  • The mortgage must have been sold to Fannie Mae on or before May 31, 2009
  • The mortgage cannot have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009
  • The current loan-to-value (LTV) ratio must be greater than 80%
  • The borrower must be current on the mortgage at the time of the refinance, with a good payment history in the past 12 months

Check to see if your mortgage is owned by Fannie Mae here. Then apply to refinance your mortgage today!

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VA Mortgages

Benefits

VA guaranteed mortgage loans are available to Military Service Veterans, current active duty, service men and women and their surviving spouses

Highlights

  • Fixed-rate option
  • No down payment
  • No Mortgage Insurance

 

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Adjustable Rate Mortgages (ARMs)

Benefits

This mortgage loan program offers a lower initial rate with built in rate protections for the borrower. The rate will not adjust more that 2% per year after the first five years not to exceed 6% from the starting rate for the life of the loan.

Highlights

  • 5% down payment for a purchase transaction
  • Mortgage insurance is required if you borrow more than 80% of the home’s value
  • Maximum loan amount: $417,000
  • Available for single family, 2-4 units, condo, or townhomes
  • Owner-occupied and secondary residence

 

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FHA Mortgage Loans

Benefits

This product is helpful for borrowers with limited funds to use as down payment. It offers both fixed and adjustable rate mortgages, and includes qualification guidelines for eligible borrowers.

Highlights

  • 3.5% down payment required for a purchase transaction
  • 15 and 30 year terms
  • Available for single family, 2-4 units, condo, or townhomes
  • Owner-occupied residence

 

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Fixed-Rate Mortgages

Benefits

A traditional fixed-rate mortgage is an excellent fit for borrowers looking for a stable, predictable monthly payments over the life of the loan. It can be used for owner-occupied and second homes

Highlight

  • Can be used for owner-occupied and second homes
  • 5% down payment for a purchase transaction, 10% down payment for a second home purchase
  • Mortgage insurance is required if you borrow more than 80% of the home’s value
  • Maximum loan amount: $417,000
  • 10, 15, 20 and 30 year terms
  • Available for single family, 2-4 units, condo, or townhomes

 

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