Home Affordable Refinance Program

1. HARP Program Americans have been forced to struggle in recent years, often having to make sacrifices or hard decisions in order to keep their homes. During the economic downturn of the past several years, mortgage costs began to make it hard for average Americans to meet their bills. Home values have dropped while mortgage interest rates rose. But the HARP Mortgage Program could help you if you're facing a similar problem. HARP stands for the Home Affordable Refinance Program and is often referred to as HARP 2.0, The Obama Refinance Program, or the DU Refi Plus Program. No matter what you call it, this program can offer relief if you're struggling with mortgage costs that just aren't fair.

2. Home Affordable Refinance Program HARP is a refinance program that was instituted by the Obama administration in an effort to help responsible homeowners reduce interest rates, acquire fixed-rate mortgages, and get out of an underwater loan that could have huge negative equity. It's essentially a bailout for homeowners, and one that has already helped millions. The program eliminates a huge number of barriers that made it hard to get good loans in the past, and has made it more possible than ever for homeowners to refinance their mortgage.

3. HARP Refinance One of the biggest advantages of using HARP is that you aren't tied to your current lender. This means that you can spend some time comparing different options and finding the best possible lender for your situation. It lets you get better loans, better terms, and better results and the fact that you can choose your lender is a big benefit of HARP. HARP loans also make it easier for homeowners dealing with negative equity to get a refinance loan. A big issue for many homeowners has been the fact that when the housing market went south, so did their property values. Suddenly, borrowers found that they owed more on their mortgage than their home was valued at. This made it almost impossible to refinance, even though interest rates were at rock-bottom levels. With HARP, the negative equity issue isn't a problem. Homeowners who have made their payments on time are able to refinance and enjoy these lower rates.

4. HARP Eligibility All mortgages closed before June 1, 2009 may be eligible for a HARP refinance. There are a few key eligibility factors to consider, and a closer look at them will help you see if you're eligible for HARP. Does Either Freddie Mac or Fannie Mae Hold Your Loan? These two lenders are the only two qualified to offer HARP loans. If they don't hold your loan, you won't qualify. To find out if your loan is through one of the two, visit their home page and follow the loan locator links. When Did Fannie Mae or Freddie Mac Acquire Your Loan? You'll need to make sure that your loan was sold to them prior to May 31, 2009. Loans acquired after that date will be ineligible for HARP loans, so be sure you know when they took over your loan. Are You Current? You'll need to be current on your mortgage, too. This means that you can't be more than 30 days late on your current mortgage payment. Additionally, HARP guidelines state that you cannot have a late mortgage payment within the last 6 months, and only one late payment is allowed within the prior 12 months. This is because HARP is designed for those who are responsible, not those who frequently make late payments or default on their loans. Remember that HARP applications can take between 3 to 5 weeks on average to close, and during that time you'll need to continue making your payments. Failing to do so could actually lead you to disqualify yourself from receiving the loan.

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