What Is HARP?
Watch this 30 second video on the program here.
HARP stands for the Home
Affordable Refinance, Program. It was introduced in 2009 by the Federal Housing
Finance Agency and the Department of the Treasury and is designed specifically
for borrowers who have little to no equity in their homes or are underwater on
their mortgages-that Is, they owe as much or more than their homes are
Are you eligible? See if you meet
these basic eligibility requirements:
Your current loan-to-value (LTV) ratio is
greater than 80%. For example, you owe $80,000 or more on a home valued at
Program changes now make it
easier to get "HARPed."
Even If you applied for HARP
refinancing before and were declined, look Into It again. The program was
expanded in 2011, making more people eligible to participate.
With HARP there are:
refinance regardless of how far your home’s value has fallen. Previous loan-to-value
limits were capped at 125%.
refinancing process is faster and smoother now that these two steps are
eliminated for most homeowners.
for You and Your Lender
now need less paperwork for income verification, and have the option of
qualifying a borrower by documenting that the borrower has at least 12 months of
mortgage payments in reserve.