HARP - The Home Affordable Refinance Program Helping Those Whose Values Have Declined - NOW EXTENDED UNTIL December 31, 2013 !!!!
Eligible borrowers who are current on their mortgages but have been unable to take advantage of today's lower interest rates because their homes have decreased in value, may now have the opportunity to refinance through the Home Affordable Refinance Program.
This is a fantastic program for those that qualify ! Even if your home value has fallen to the point where you currently owe more than the value of the house you can still refinance at todays low rates.
Eligible borrowers who are current on their mortgages but have been unable to take advantage of today's lower interest rates because their homes have decreased in value, may now have the opportunity to refinance.
There are a number of "details" and you can download a Home Affordable flyer with answers to the most commons questions by clicking here. The program is open to borrowers whose loans are owned or guaranteed by state-backed mortgage-finance companies Fannie Mae and Freddie Mac but who owe more than 80% of there home's value—the normal cutoff for refinancing a Fannie- or Freddie-backed loan.
EVEN IF YOU ARE "UNDER WATER" - NO MATTER HOW FAR Home Affordable allows eligible owners whose home values have declined to refinance.
LOWER CREDIT SCORES O.K.
Those that qualify for the Home Affordable program are eligible with a lower minimum credit score.
NO NEW MORTGAGE INSURANCE
If your original mortgage did not require mortgage insurance then your new mortgage will not require it !
The HARP Program The Home Affordable Refinance Program is available through December 2013 and allows home owners to refinance into low mortgage interest rates even if they're property value has gone down.
Because many homes have lost value over the last several years, many homeowners have been unable to refinance. Traditionally, mortgage lenders require a significant amount of equity (or value over mortgage balance) to approve a mortgage refinance. The HARP program was designed to allow eligible borrower's with a loan owned by Fannie Mae or Freddie Mac to refinance, regardless of the current home value.