The Obama Administration’s Home Affordable Refinance Program (HARP) is designed to assist homeowners in refinancing their mortgages – even if they owe more than the home’s current value 9 out of 10 of eligible Homeowners fail to take advantage of this government program. If you are current on your mortgage, with or without equity, then you are eligible for this program. The Home Affordable Refinance program (HARP) will be available to 4 to 5 million homeowners who have a solid payment history on an existing mortgage owned by Fannie Mae or Freddie Mac. Normally, these borrowers would be unable to refinance because their homes have lost value, pushing their current loan-to-value ratios above 80%. Under the Home Affordable Refinance program, many of them will now be eligible to refinance their loan up to 125% LTV to take advantage of today's lower mortgage rates or to refinance an adjustable-rate mortgage into a more stable mortgage, such as a 30-year fixed rate loan.
Do you have enough Equity to qualify for a Refinance loan?
Is your appraised value less than what you owe?
Are you a responsible home owner?
THE HARP PROGRAM CAN HELP!!!!!!
If you qualify and want to refinance, apply here
Note: You must have a Fannie Mae or Freddie Mac loan for HARP
As the government continues to purchase mortgage backed securities, rates continue to fall and are near record lows. HARP allows you take advantage of current market rates even if you are “underwater”.These programs are Financial “Life-Changers”. They are also available for a limited time as determined by congress.
Act now to take advantage of this stimulus program, and lower your monthly payment and/or term using the Fannie Mae/Freddie Mac Streamline process.
Benefits of HARP Program:
125% LTV Max (i.e. $350,000 Loan/$280,000 Property Value)
620 Minimum FICO Score
DTI (Debt To Income Ratio 55% Max)
Must be current on payments
Must not have PMI on Freddie loan. Fannie PMI up To 95% LTV
Must be owned by Fannie Mae or Freddie Mac (check below)
Loan Amounts Up To $625,500 (loan must be before 6/1/2009)