What Are Harp Loans

What Are Harp Loans

HARP was created in 2009 to give borrowers who were current on their mortgages but had little or negative equity an opportunity to refinance at lower rates.. The HARP mortgage program was modified.

What is the HARP Mortgage Refinance Program? – 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.

Mortgage Type. To be eligible for the HARP program, you can only have a conventional mortgage. Other mortgage options like the USDA, FHA, or VA home loan are not accepted into the harp refinance program. One Use. You may only use the HARP program on the same property once.

HARP Loan Program Eligibility A homeowner whose property is backed by Fannie Mae or Freddie Mac, perfectly fits to get the harp refinance loan. The HARP loans not only cover primary homes, but also vacation and investment loans. In addition, the homeowner’s loan must have been undertaken on or before 31 st May, 2009. Therefore, the most.

HARP’s purpose was to help mortgage borrowers who were underwater on their loans – meaning they owed more than what their house is worth – to refinance their mortgage. The loans had to be owned by either Fannie Mae or Freddie Mac, the government-sponsored enterprises that purchase loans from mortgage lenders.

FAQs – harpprogram.org – 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.

HARP Loans, HARP Loan, HARP Program – HARP FAQ We are here to answer your most common questions about the Home Affordable Refinance Program (HARP). If you have any questions that we have not answered in this FAQ section, please contact us for a free consultation with an expert loan officer.

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Home Affordable Refinance Program (HARP) – With HARP, a homeowner with a mortgage owned by Fannie Mae or Freddie Mac may be able to refinance into a more affordable mortgage. HARP could help you lower you interest rate and mortgage payment. Through HARP, you could switch to a fixed-rate mortgage that won’t change over time.

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