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The Home Affordable Refinancing Program

Article by Pepple Holli

Many homeowners try to re-finance their mortgage but aren’t succeeding for many reasons. Whether you observe the financial information on CNBC or Bloomberg Television, or listen to a nearby radionews, I’m sure you’ve heard about the particular existance of government plans aimed at helping homeowners who cannot reap the benefits of low mortgage rates, given that they don’t qualify to refinance their mortgage. This kind of “Harp loan program” is a fantastic opportunity for property owners with mortgages owned by either Fannie Mae or Freddie Mac.

Maybe you didn’t get a refinance having a traditional refinance standard bank, because the value of your home has declined? Or maybe you owe more than the marketplace price of your house? Then a Home Affordable Re-finance Program (HARP) may help you to help refinance your home loan.

The Harp Program can be a program especially developped intended for home owners whose homes have lost value within the last few years and didn’t manage to get a refinance house loan. Under other scenarios, refinance banks requires that the equity as well as value of your property is definitely higher than the mortgage loan balance before they wish to approve any program for a mortgage refinance. But if your house benefit had gone down through the financial crisis, that is not probable. Thus, the Home reasonably priced Refinance Program (Harp) function is for home owners experiencing this quandary.

When do you Qualify for the HARP System?

In order to qualify for the HARP Loan Program, your mortgage should either be owned or guaranteed by Fannie Mae as well as Freddie Mac. Additionally, you should meet the following criteria:

- You don’t offer an VA, FHA, as well as USDA loan
- Last year, you were never more than 30 days late for the mortgage payment.
- You happen to be current on your home loan payments
- Your house loan is for a larger quantity than the value of the house right now.
- The actual outstanding amount of your own mortgage is not larger than 125% of the current price of your house.

- You may prove that you are able to fund the new payments on your refinance mortgage.

Note that if you do qualify for a new refinance under the HARP Method (Harp Refi), you still need to post a loan application. Further, you have to pay a refinance fee, just as had you been obtaining a refinance as a result of other (commercial) stations. The Harp loan will be underwritten to see if you are qualified to obtain a loan in general. Just since you meet the criteria listed above, there is absolutely no guarantee you will be refinanced in the HARP Program if you do not be eligible for an a refinance in the first place.

Some of the great features from the HARP Program:
- Decrease closing costs
- Normally more lenient underwriting
- Sometimes no evaluation is required
- You will get the same low loan rates rates that standard loans qualifying with regard to. This includes adjustments regarding credit score, type of home, etc.)
- If perhaps Freddie Mac owns your house mortgage, you may not be asked to prove your income. Be aware: If your loan is of Freddie, you will have to do ones refinance through your current loan servicer.
- No mortgage insurance needed (even if you are obligated to repay more money than your property is worth)
- That has a Fannie loan, you can include all of your closing costs in the home loan, except for a credit file fee and an evaluation fee (if required)
- a HARP Loan does not need cash upfront.



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