If you would like to refinance but you can’t because your home has declined in value and you owe more than your home is worth or if you have very little equity in your home, you should consider applying for HARP Refinance.
More than 3.3 million homeowners received HARP mortgage assistance. Approximately 360,000 more borrowers across the country are eligible for the program, but time is running out! HARP expires on December 31, 2016.
Home Affordable Refinance Program
The Home Affordable Refinance Program (HARP) is a government-sponsored program that helps homeowners who are current on their mortgage payments but do not have enough equity in their home to qualify for other refinancing programs.
HARP mortgage assistance can help you:
- Get a lower interest rate and reduce your monthly mortgage payment
- Shorten your loan term
- Convert from an adjustable-rate mortgage to a fixed-rate mortgage
Another advantage of a HARP refinance is that it involves less paperwork than conventional refinancing. Although the Home Affordable Refinance Program has been in existence for seven years, it is scheduled to expire at the end of 2016. If you think you might benefit from a HARP refinance, now is the time to investigate requirements and eligibility.
HARP Loan Requirements
HARP loan requirements are very favorable. For example:
- There is no required minimum credit score
- No appraisal is needed in most cases
Due to a changes made to the HARP program, you may be eligible to refinance even if you were previously denied a HARP loan.
The three main prerequisites for HARP eligibility are:
- Your loan must be owned by Fannie Mae or Freddie Mac and have been originated before May 31, 2009
- You must be current on your mortgage payments for the past year
- Your loan-to-value (LTV) ratio must be more than 80 percent
Other eligibility requirements may apply.
Freedom Mortgage can calculate your LTV ratio for you and help you apply for a HARP refinance. To learn more about HARP mortgage assistance, call Freedom Mortgage today.
Freedom Mortgage has proudly helped customers purchase their dream home and refinance their existing mortgages since 1990.
If you’re experiencing financial difficulties, we’re here to help you.