What is Harp?

HARP Uniqueness


It is the only Federal Refinance Program that enables an eligible borrower with no equity in their home to take advantage of low interest rates and other refinancing benefits, even if they owe more on their mortgage then the home value is appraised for. The Federal Housing Finance Agency in March 2009 passed HARP to allow home owners to take advantage if their loan-to-value exceeded 80% without also having to pay for Private Mortgage Insurance as part of the Making Home Affordable Program. So far over 3.3 million households have taken advantage of this program. The Federal Housing Finance Agency has extended the program through December 31 2016.

HARP Uniqueness

It is the only Federal Refinance Program that enables an eligible borrower with no equity in their home to take advantage of low interest rates and other refinancing benefits, even if they owe more on their mortgage then the home value is appraised for. The Federal Housing Finance Agency in March 2009 passed HARP to allow home owners to take advantage if their loan-to-value exceeded 80% without also having to pay for Private Mortgage Insurance as part of the Making Home Affordable Program. So far over 3.3 million households have taken advantage of this program. The Federal Housing Finance Agency has extended the program through December 31 2016.


Eligibility

Available for Primary, Second Homes & Investment properties Property is "underwater" - Loan-to-Value is 80% to 300%+ Must be current on your mortgage payment ( no lates in last 6 months & no more than one late in last 12 months ) Original mortgage must be guaranteed by Fannie Mae or Freddie Mac


Flexible Benefits

No Mortgage Insurance- No costly Private Mortgage Insurance if you currently do not have it

More flexible underwriting requirements- To make the program assessable to more people, HARP guidelines are significantly more lenient than those of conventional loans. Example- Debt-to-Income (DTI) ratios can be 40% higher versus conventional loans

Lower closing costs- Closing costs are capped, which makes HARP loans attractive options for homeowners who qualify

No appraisal- Waived in most cases based on DU Findings at Approve/Eligible

Better Mortgage Terms- HARP Loans offer more attractive mortgage conditions, as lower rates, closing costs & shorter loan terms


FAQs


Updated changes for HARP!
Who is eligible for HARP?
Given the latest criteria, Can you estimate how many borrowers may refinance under HARP?
What do I need to do to take advantage of the program while it is still available?
Is there a maximum Loan-to-Value ratios?
Is HARP the only available program for consumers?
Are Condos, Townhomes & Manufacture properties eligible?
Is an appraisal required?
Can I pay additional debt or take any cash out?
What if I have a low credit score or have been late on my monthly payments?
How long will HARP be available?

HARP Phase 2

Updated changes for HARP!
FHFA, Fannie Mae, Freddie Mac, Lenders, Servicers & private Mortgage Insurers "PMI" have been engaged in a coordinated nationwide effort to find a way to increase the number of homeowners to take advantage of HARP. With mortgage rates and monthly payments at historic lows, we believe it is the best opportune time to put the industry\'s expertise with the available programs for eligible borrowers to take advantage of all the benefits that they qualify for. Most importantly, such refinance programs bring the maximum benefits to borrowers, the housing markets and taxpayers.
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Who is eligible for HARP?
In general, the borrower must meet certain criteria\'s:
  • The mortgage must be guaranteed or owned by Fannie Mae or Freddie Mac
  • The mortgage note must have been sold to Fannie Mae or Freddie Mac on or before June 1 2009
  • The current Loan-to-Value (LTV) must be greater than 80% and it is currently not capped
  • The Borrower must be current on their mortgage note; with no late payments in the last 6 months or one Mortgage late in the last 12 months

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Given the latest criteria, Can you estimate how many borrowers may refinance under HARP?
For many reasons, it is difficult to determine how many Borrowers may be eligible under HARP. So far over 3.3 million consumers have taken advantage of HARP and statistics say approximately an additional seven million plus borrowers can still take advantage of the program. The program has been extended to December 31 2016, so now is the best time to see if you qualify for it.
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What do I need to do to take advantage of the program while it is still available?
All you have to do is fill out a few basic questions and HARP Programs will put you in touch with our preferred lenders. After you have submitted these basic answers, our preferred lenders will contact you within 24 hours and they will be able to answer any questions you may have. They will also make sure that you qualify for these programs.
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Is there a maximum Loan-to-Value ratios?
When HARP first came out, It was capped at 105% of the home\'s value. With additional changes the Federal Government put in place; the Loan-to-value has no cap. The only stipulation is that the lender must be a Direct Investor with Fannie Mae or Freddie Mac. So it is very important the correct investor or lender is handling your refinance. Our preferred lenders have been approved by Fannie Mae & Freddie Mac, so you will be in very reputable hands.
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Is HARP the only available program for consumers?
Over the past few months, We have evaluated all the eligible programs that have been made available through any federal government programs to better advise any of our clients. The financial markets are constantly changing and we will always put our best efforts to constantly make the public aware of any changes that might benefit the consumers. HARP is only one of the programs available for our clients. The Financial Markets are constantly changing and H.A.R.P. Programs will constantly be updating our clients and make them aware of any new programs when they become available. Fannie Mae & Freddie Mac have helped over nine million consumers refinance into lower rate & monthly payments since the credit crunch started in 2008. H.A.R.P. Programs will continue to work very hard to provide any new opportunities to our clients in the near future and for many years to come.
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Are Condos, Townhomes & Manufacture properties eligible?
Not only are Single Family residences properties eligible for HARP Programs, but so are Townhomes, Condos, Manufactures Homes and 1-4 unit rental properties. The best way to figure out your eligibility requirements is to let our Investors and Lenders determine what programs you can take advantage of.
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Is an appraisal required?
An appraisal is not required in 95% of the cases for clients who qualify under the Federal program for HARP. HARP uses an existing Automated Valuation Model (AVM) to determine if an appraisal inspection is needed. Our Investors & Lenders will use DU Findings to determine if an AVM is available for you to take advantage of.
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Can I pay additional debt or take any cash out?
With HARP, you may only reduce your interest rate and monthly payments on your monthly obligations. But with the additional programs we offer, we can find a suitable program that not only reduces your interest rate and monthly payment but also pay off additional debt, take out some cash or do some home remodeling or rehabbing your home. You can see what you qualify for by filling out our easy to use form "See if You Qualify" or by calling our Toll-Free number today.
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What if I have a low credit score or have been late on my monthly payments?
Some of our clients have been hit due to unforeseen circumstance. With the programs our investors & lenders offer, they have the capability to use an In-house rescore program which only takes 5-7 business days not the typical 6-12 months it takes if you go directly through the three credit bureaus; Equifax, Transunion & Experian.
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How long will HARP be available?
The Federal Housing Finance Agency has extended the program through December 31 2016. We will keep our clients updated to any changes and extensions of all the programs we offer. We will also keep you informed of any new programs when they become available.
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