HARP can help you refinance your mortgage if you’ve had difficulty obtaining traditional refinancing due to a lack of home equity or a decline in your home’s value. It can also help if your home is underwater, meaning you owe more on your home than it’s currently worth.
What is a HARP Loan? The home affordable refinance program, also known as HARP for short, was approved in 2009 by the Obama administration. This was also originally known as the MyRefi Plan by the White House. The program was created to help borrowers with loans that exceeded the current market.
The Home Affordability Refinance Program (HARP loan) was started by the U.S. Government in 2009 to help out homeowners who had very little or no equity in their homes.. Even people whose homes are underwater – meaning they owe more on their mortgage than their home is actually worth – can refinance through HARP.
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So if your home is currently valued at $200,000, you must owe more than $160,000 on your mortgage. Why homeowners should act fast HARP is scheduled to expire on Dec. 31, 2016.
HARP or the Home Affordable Refinance Program is a government program that is designed to help homeowners refinance their existing mortgages into more affordable loans. With the HARP program, homeowners can refinance their mortgages even if they owe more than what their homes are worth.
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The basics of the HARP 2.0 mortgage. HARP was meant to give homeowners access to a refinance despite having little or no home equity. The eligibility test for HARP was basic. In order to qualify for HARP, homeowners had to show their current mortgage was backed by Fannie Mae or Freddie Mac on, or prior to May 31,
HARP loans are available if you loan is currently owned by Fannie Mae of Freddie Mac. This is different than who you send your payment to. Most mortgages in America are owned by one of these 2 agencies and the homeowner doesn’t even realize it. A mortgage professional can tell you if your loan is eligible.
Feeling that they may have reached only about half of the families who could benefit from the program, the federal housing finance Agency (FHFA) launched a campaign today to inform homeowners about.