The Home Affordable Refinance agenda (Harp)

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Can the Harp program bring your mortgage payments down?

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How is The Home Affordable Refinance agenda (Harp)

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Many homeowners try to refinance their mortgage but are not succeeding for many reasons. Either you watch the financial news on Cnbc or Bloomberg Tv, or listen to the local radio news, I'm sure you've heard about the existence of government programs aimed at helping home owners who cannot take benefit of low mortgage rates, because they don't qualify to refinance their mortgage. This "Harp loan program" is a phenomenal occasion for property owners with mortgages owned by Either Fannie Mae or Freddie Mac.

Maybe you did not get a refinance with a customary refinance bank, because the value of your home has declined? Or maybe you owe more than the market price of your house? Then the Home Affordable Refinance program (Harp) may help you to refinance your mortgage.

What is the Harp Program?

The Harp program is a program especially developed for home owners whose houses have lost value in the last few years and didn't manage to get a refinance mortgage. Under other circumstances, refinance banks will demand that the equity or value of your property is higher than the mortgage balance before they want to approve any application for a mortgage refinance. But if your house value had gone down while the financial crisis, that is not possible. Thus, the Home affordable Refinance program (Harp) was designed for home owners facing this quandary.

When do you Qualify for this refinance program?

In order to qualify for the Harp program, your mortgage must Either be owned or guaranteed by Fannie Mae or Freddie Mac. Additionally, you must meet the following criteria:

-You don't have an Va, Fha, or Usda loan

-Last year, you were never more than 30 days late for your mortgage payment

-You are current on your mortgage payment

-Your mortgage is for a larger amount than your home is worth right now

-The superior amount of your mortgage is not greater than 125% of the current value of your house

-You can prove that you are able to pay for the new payments for your refinance mortgage.

Note that if you do qualify for a refinance under the Harp Program, you still need to submit a loan application. Further, you have to pay a refinance fee, just as if you were obtaining a refinance straight through other (commercial) channels. The Harp loan will be underwritten to see if you are suited to gain a loan in general. Just because you meet the criteria listed above, there is no warrant you will be refinanced under the Harp program if you do not qualify for a refinance in the first place.

Some of the great features of the Harp Program:

-Lower windup costs

-Generally more lenient underwriting

-Sometimes no evaluation is required

-You can get the same low mortgage rates that conventional loans qualifying for. This includes adjustments for prestige score, type of property, etc.)

If Freddie Mac owns your home mortgage, you may not be required to prove your income. Note: If your loan is owned by Freddie, you will have to do your refinance straight through your current loan servicer.

No mortgage assurance needed (even if you owe more money than your property is worth)

With a Fannie loan, you can include all your windup costs in the mortgage, except for a prestige description fee and an evaluation fee (if required).

One of the biggest advantages of the Obama new refinance program, is it does not wish cash upfront.

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