Originally started in April 2009, the?Home Affordable Program (HARP)?is refinance program designed to assist underwater homeowner?s with Fannie Mae / Freddie Mac mortgages.
If you have a jumbo mortgage, FHA loan, VA or USDA loan the HARP is not for you. You have other options, HARP 2.0 is not one of them.
By allowing?underwater?homeowner?s the ability to take advantage of today?s?lower interest rates?without have to pay down their equity or have mortgage insurance, current homeowner?s can reduce their monthly payments, save money and provide a boost to the economy.
That is the goal of?Obama?s Refinance Program, stimulate the economy. Politics aside, if you can save from a?HARP?Refinance then why not take advantage of it?
How Do I Qualify For a HARP Refinance?
- Your mortgage must have been originated before June 1, 2009
- Your loan must be owned or guaranteed by?Fannie Mae?or?Freddie Mac?-?Not showing up? Fannie and Freddie make mistakes and their?HARP?search is pretty fickle. We can always call for you. Just let us know.
- No mortgage lates in the past 6 months and only ONE mortgage late payment in the past year.
- Your?HARP Refinance?must have tangible benefit.
I Have a 2nd Mortgage, What Happens with That?
It gets subordinated. You cannot include your first and second mortgage into on single?HARP refinance. The Home Affordable Program is for 1st mortgages only. You second mortgage will have to be subordinated.
Why wouldn?t they? You are making your first mortgage more affordable with?HARP. It is in their best interest you stay in your home, more affordable payments help.
My Current Mortgage Lender Says I Need to Use Them for My HARP Refinance. Is That True?
Nope, you can finally dump your bank.?HARP 2.0?is available to all mortgage lenders, you can actually use your preferred lender. HARP experts with the right set-up will have multiple outlets. That means that you have options.
With options, you can choose the right combination of interest rate, turn time, closing costs and guidelines that fit YOUR personal situation.
GET a HARP Refinance Quote
Want more up-to-date HARP Refi information? We have you covered! Check out the most complete HARP Guide on the web.
All the questions, all the answers and everything you need to know to make a educated decision on whether the Home Affordable Refinance Program is for you.
States Served:?Alabama |?Georgia?| Florida | Tennessee | South Carolina
Source: http://www.wannanetwork.com/2012/02/09/harp-refinance-obama-program-to-help-underwater-owners/
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