what is a harp loan
Make sure you have your basic financial and loan information on hand. is located at http://www.HARP.gov. HARPguide.org is not a lender or mortgage broker and does.
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HARP Loans Explained Harp Loan The Home Affordable Refinance program, otherwise known as HARP, is a program designed to assist people that are upside down on their mortgage (owe more than their home is worth).
average down payment house So, if you borrowed $270,000 on a $300,000 home — in other words, your down payment came to 10% — your LTV ratio (that is, the loan amount, $270,000, divided by the price of the house, $300,000.
Owe more than your home is worth? The government HARP program is designed to help homeowners with underwater mortgages to refinance to a lower.
Your mortgage must be owned by Fannie Mae or Freddie Mac.Other types of loans do not qualify for HARP. You can look up your loan online to see if it is held by Fannie Mae or Freddie Mac by going to the loan lookup tools on the Making Home Affordable website.; Your loan must have originated prior to June 1, 2009.
The Home Affordable Refinance Program (HARP) loan was introduced to ease the hardship caused to lenders due to the housing bubble burst.
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The Home Affordable Refinance Program (HARP) was created by the federal housing finance Agency in March 2009 to allow those with a loan-to-value ratio exceeding 80% to refinance without also paying for mortgage insurance. Originally, only those with an LTV of 105% could qualify.
The HARP loan program was started in the heart of the mortgage meltdown in 2009. It was designed to help people who were either underwater on their mortgage or almost underwater to refinance. Under normal circumstances, it is impossible to refinance a home loan without equity in the property.
If you currently have an adjustable-rate mortgage (ARM), you can take advantage of HARP to get a fixed-rate mortgage. 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. Who is eligible for HARP?
In order to qualify for HARP you will need to have a mortgage loan that is owned by Fannie Mae or Freddie Mac. If you have an FHA loan, VA loan, or any other.