HARP Loan Program

What is a Harp Loan? HARP is the acronym for the Home Affordable Refinance Program.  The government developed the program in an effort to help boost the housing market. The program is designed to help homeowner’s who are having problems making payments on their current house payment. The harp program helps homeowners refinance their current mortgages

even if they owe more than the home’s current value.

Currently HARP 2.0 is another option in the works also called HARP2012. Harp 2.0 is an amendment to the first HARP program that will reduce income documentation and allow borrowers to refinance to lower interest rates with zero limits for value.

If you are a homeowner that originated your existing loan before 6/1/2009 with Fannie Mae or Freddie Mac, and you have had no mortgage late payments in the last 6 months you may qualify to refinance down to the 4% range on a 30 year fixed, using potentially no appraisal, and reduced to no income documentation. To see if your loan is securitized with Fannie Mae or Freddie Mac click this link to checkhttp://www.fanniemae.com/loanlookup/.

Again You may be eligible if:

• The mortgage MUST be owned or guaranteed by Fannie Mae or Freddie Mac.
• The mortgage MUST have been sold to Fannie Mae or Freddie Mac 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 no late payment in the past six months and no more than one late payment in the past 12 months.
• You have a reasonable ability to pay the new mortgage payments.
• The refinance improves the long term affordability or stability of your loan

The expectation for the Home Affordable Refinance Program is that refinancing will put responsible borrowers in a better situation by reducing their monthly principal and interest rate and payments. The program may also reduce homeowners from a more risky loan structure (such as an interest-only mortgage or a short-term ARM) to a more stable product (such as a fixed-rate mortgage). To learn more about this new exciting program click here to contact one our mortgage professionals today.

How can a HARP loan help me?

The HARP Loan program allows you take advantage of current market rates even if you are “underwater”. As the government continues to purchase mortgage backed securities, rates continue to fall and are near record lows. This program is a great financial opportunity for those who qualify. This stimulus program is also available for a limited time as determined by congress.  Act now to take advantage of this program and lower your monthly payment. Speak with one of our mortgage professionals today to learn more about this stimulus program. Call 1-800-270-3416 or click here to take the next step .