HARP Refinancing Program – Check Your HARP Eligibility
To help homeowners like you, the Federal Housing Finance Agency FHFA established a program so you can take advantage of historically low interest rates and save hundreds or even thousands of dollars a year on your mortgage—all while not being required to pay extra to the bank. That was a good rate in those days, but then the Great Recession came along and home prices tanked. This is where HARP comes in.
- Fannie Mae HARP Loans!
- HARP Mortgage!
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- After the Mortgage Crisis!
- How Does the HARP Program Work?!
So, homeowners who are underwater on their mortgages but otherwise making their payments on time can save tens of thousands of dollars over the life of their mortgage! The program also has other benefits built in to help you save money when it comes time to close on the new loan:.
Who is eligible?
Traditional refinancing requires homeowners to pay hundreds of dollars for a new appraisal, but some HARP mortgage lenders allow homeowners to bypass the appraisal process and use an automated home value system instead. Your lender will be able to tell you more about this when the time comes.
Because an ARM payment can quickly become too much for homeowners to afford, moving to a consistent and lower payment through HARP could lower your overall mortgage amount. Qualifications for refinancing with HARP can vary greatly depending on your mortgage provider.
Home Affordable Refinance Program (HARP)
However, the federal guidelines for eligibility are pretty straightforward: 1. The HARP guidelines have been expanded once and may be expanded again.
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- After HARP mortgage program ends, options for underwater borrowers;
- How to Qualify for a HARP Loan!
- Additional Resources!
- Home Affordable Refinance Program - Wikipedia?
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Home Affordable Refinance Program (HARP©) 2.0
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