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Harp Mortgage Program – The New Angel of Hope for Many

The well known Harp mortgage program is also known to many as “Home Affordable Refinance Program” and even as “DU Plus program”, says a source. Although the terms could look different from one another, the meaning for the terms would all be the same. Hence when we talk about DU or even HARP, the meanings in this write up would be interchangeable for understanding purposes. Through various sources we get to know that the program was initiated by the Congress to help citizens across their nations not lose their homes and to get the ball rolling for the mortgage markets as well.

For those who have been and worked in the industry of mortgages, they would already have an idea on how effective Harp mortgage program as a tool can be. However, today we would like to speak to you about the various needs you would have to have to ensure the deal is yours through HARP program.

We would thus ask you to please read on and be well informed for the same, for you never know how and when this program could be of help to you as well.

So what are the basic tenets of the Harp mortgage program?

1. If you want the deals to be done, you would then have to work along with the loan servicer. The original servicer needn’t be the loan lender in this case. HARP would allow many of you who work under the lender directly to have plenty of benefits. So if you are working for a reputed bank in the US, the program would be great and very beneficial for you, keeping in mind that the right data is given to you. For brokers, there is good news too; however the data would not be the same to work on.

2. The LTV for your first mortgage would be accepted only up to 105% under the Harp mortgage program. Appraisals aren’t required; however there would be a varying degree with the AVM provided by the servicer. Unlimited CLTV would be handed out to those who work as juniors under the HARP program.

3. The loan which you would be helping people with under the Harp mortgage program is without any hidden clauses or agendas. So if someone has a 30 year FIXED loan, that would be carried into another fixed loan with the same time frame, which is 30 Years. FRM customers cannot think of using ARM under the HARP program. Those with ARM loans and of 30 year timeframes have the option of going to fixed loan schemes for 30 years or even an ARM for the same time frame.

4. It is important that the borrower has a clean record for at least a year, which means NO LATE payments. Under the Harp mortgage program the borrower’s scores on his credit should be above 740 or else the rates would be adjusted. Finally under HARP program, the loan should be from reputed agencies, such as Fannie Mae, Freddy Mac.

For more information on how to qualify and learn how to apply for harp mortgage program or HARP Program click on the links.


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