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Get Help to Qualify for Home Affordable Refinance Programs - HARP

By now, most people with home affordable refinance program eligibility have heard of the government home affordable refinance program. The HARP loan program has helped thousands to save their homes with a mechanism that will allow a struggling homeowner to refinance their home despite the fact that they owe more that their property is currently worth.

  • A lower monthly payment
  • Converting an ARM to a fixed rate mortgage
  • Shortening your mortgage term
  • Interest rate reduction
  • Reduced closing costs as appraisal is often waived
easy ways to get help from home affordable refinance program harp loans

What Home Affordability Refinance Program Help Can Do!

Mortgage owned by Fannie Mae or Freddie Mac? Current on payments? You may have the option of home affordable refinancing program a government sponsored HARP mortgage refinance. Eligibility for refinance isn’t as affected by current value.

Home Affordable Refinance Program Borrowers Guidelines

Expansion of harp refinance loans program since its inception provides refinancing options where homeowners are living in an area where home prices have suffered a loss in value. The object of this harp program is to provide those homeowners greater financial stability. It is also offers no doc mortgage loan to know more about government home affordable refinance program.

Home Affordable Refinance Program Requirements :

  • Current payments at the time of application and good payment history for past 12 months:
    • No late payments within the past 6 months
    • No more than one late payment in the past 12 months
  • Benefit from the harp refinance mortgage must include one of the following :
    • Reduction in interest rate
    • Reduction in monthly payment
    • Reduction in term of mortgage
    • Fixed rate mortgage in place of an adjustable rate, interest only or balloon mortgage
  • Limited to refinance of outstanding 1st mortgage balance and closing costs only:
    • No cash out refinances allowed

The Home Affordable Refinance Program

This home affordable program guidelines has benefited several million homeowners since its beginning in 2011. If you fit the criteria for home affordable refinance program eligibility and can also qualify under the buyer’s guidelines it could provide the financial stability that you need.

HARP refinance loan : On time payments?

  • Current for the last 6 and only late once in the last 12 months?
  • Desire to reduce your interest rate while they are at or near historical lows?
  • Current rate lower than your present mortgage or you have ARM, Interest Only or Balloon Payment?
  • Fannie Mae of Freddie Mac owned mortgage?
  • Contact your lender to find out who owns your mortgage.
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Home Affordable Refinance Program Guidelines for Property

The obama home affordable mortgage program guidelines for property harp eligibility are quite liberal and include the following types:

  • Owner occupied, 2nd homes and rental properties
  • Residential property types permissible include :
    • 1-4 unit primary residences (including condos, co-ops, manufactured housing and PUDs)
    • 1 unit second homes
    • 1-4 unit investment properties
  • Unrestricted loan-to-value ratio (LTV)
  • Unlimited combined loan-to-value ratio (CLTV) when subordinating a 2nd mortgage or home equity line of credit (HELOC)
    • 2nd mortgage or HELOC lender subordination approval required
  • Property inspection waivers in lieu of appraisal expanded
  • Project review of condominiums not required
    • No minimum owner-occupancy ratio
    • One entity may own more than 10% of total units in the condominium project

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