To qualify, you have to meet very specific harp eligibility requirements such as: Your loan is underwater. An “underwater” mortgage is when you owe more on your mortgage than your house is worth..
HARP stands for The Home Affordable Refinance Program, which is a refinance program that helps homeowners who are underwater on their mortgage. HARP helps homeowners refinance who are current on their mortgage but have a mortgage balance greater than the current market value of their home.
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HARP Program Requirements. In order to participate in HARP you need to meet the following requirements: Your mortgage must be owned or guaranteed by Fannie Mae or Freddie Mac; You must be current on your mortgage, and cannot have made a payment more than 30 days late in the past year.
The HARP program was created to give homeowners whose homes have lost value. This program allows you to refinance to new, lower mortgage interest rates without having to pay for mortgage insurance. Over the last eight years HARP has been the most popular 100% mortgage refinance .
HARP is designed to help you get a new, more affordable, more stable mortgage. HARP refinance loans require a loan application and underwriting process. For more information about HARP eligibility and requirements, CLICK HERE
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Find out if the loan qualifies for HARP refinancing by following these steps: Step 1. Determine if a loan is eligible for HARP. MakingHomeAffordable.gov can be helpful in making this determination. Step 2. If a loan is eligible and is insured by California Housing Loan Insurance Fund (CaHLIF), review the Program Guidelines. Step 3.
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