HARP Home Affordable Refinance 2.0

What is the HARP Mortgage Program?

HARP is the short name for the Home Affordable Refinance Program. Launched in March 2009, HARP is a federally funded government refinance program designed to help the millions of homeowners who currently owe more on their mortgage then their home is currently worth, also known as being underwater or being without equity, refinance their mortgages into a fixed rate mortgage loan with a lower monthly interest rates and payment. Sadly, as of last August, only 894,000 borrowers have refinanced through HARP.

To further enhance the HARP option and encourage more homeowners to take advantage, in October of 2011, President Obama announced an enhancement to the HARP program with the intent of reaching more underwater homeowners without equity. The expanded HARP program – also referred to as HARP 2.0 – took effect in December of 2011 for borrowers with a loan-to-value ratio of less than 125%.

Email questions about HARP or HARP 2.0 to josh@texasmortgagenews.com – Josh helps homeowners in all 50 States with their HARP refinance programs – call 972-904-3694

In most cases, you DO NOT have to do the HARP program through  your current lender or loan servicer.

Also, in many cases, new appraisals are NOT required. Email josh@texasmortgagenews.com to find out if you can refinance without an appraisal.

HARP Program Requirements

In order to participate in HARP you need to meet the following requirements:

  • Your home mortgage must be owned or guaranteed by Fannie Mae or Freddie Mac
  • You must be current on your mortgage, and cannot have made a payment more than 30 days late in the past year.
  • Refinancing must help the affordability or stability of your mortgage.
  • You must have the ability to continue making payments
  • Mortgages owned or guaranteed by the FHA, VA, or USDA are not eligible for HARP.
  • Your property must be 1-4 units.
  • Your property must also be your primary residence. At this time, 2nd homes are not eligible for refinancing under HARP.
  • Your current loan must have originated prior to June of 2009 for the HARP option

Some other terms and conditions may apply, so to find out if you’re eligible for the HARP program, email josh@texasmortgagenews.com or call today.

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