Home Affordable Refinance Program 1:05 PM

(Home Affordable Refinance Program)  HARP is a federal loan program that was set up by the Federal Housing Financial Agency in 2009. The Home Affordable Refinance Program was created to help borrowers with near underwater or underwater mortgages that were previously unable to secure financing. The primary goal of the Harp Refinance is to help these borrowers get a new, more affordable and stable mortgage.  Complete the Quick Quote to confirm eligibility and join the 1 million plus borrowers that have benefited from the Home Affordable Refinance Program.

Some Eligibility Information for Harp Refinances

• Loan has to be guaranteed by Freddie Mac or Fannie Mae
• The borrower must be current on the mortgage
• The current loan to value ratio must exceed 80%
• The loan must have been originated on or before May 31, 2009
• The Property must be a 1 unit Primary Residence, 1 unit second home, 1-4 unit investment property

Some Benefit of the Harp Refinance include

• Reducing your interest rate
• Lower monthly payment
• Securing a fixed rate mortgage
• Building equity with a reduced term loan option
• Low cost because an appraisal is normally not required
• Increase cash flow with a lower payment
• Increase investments with lower house payment
• Pay off debt easier with lower house payment

Below is an example of a Harp eligible borrower

Diane has an existing loan balance of 240,000 with a 6.5% 30 year mortgage that has a monthly payment of 1517.00 per month. She wants to take advantage of the lower interest rates and reduce her monthly payment but feels she can't qualify because her home is only worth 200,000 and she has a current loan balance of 220,000 giving her 20,000 in negative equity on the property. Harp will remove the normal loan to value restrictions and give her the ability to qualify for a market interest rate and considerably reduce the rate and payment on her mortgage. 

Complete the Quick Quote to confirm Harp Eligibility and start saving!!!