what is harp refinance

 · Home Affordable Refinance Program (HARP): A mortgage-refinancing program offered by the Federal Housing Finance Agency to homeowners who own homes that are worth less than the outstanding balance.

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The objective of a refinance under HARP is to provide creditworthy homeowners the opportunity to get into a new mortgage with better terms. HOW IT WORKS: The interest rate, mortgage payment, and amount owed over the life of the loan should be an improvement over current loan terms otherwise refinancing might not be the best solution..

Two government programs – the Home Affordable Refinance Program and Home Affordable Modification Program, also known as HARP and HAMP – are meant to help homeowners who might be in danger of losing.

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HARP Arizona loans, also referred to as HARP 2 refinance loans still benefiting Arizona borrowers. We are still doing HARP Arizona refinances with unlimited LTV (loan to values) for Fannie Mae and Freddie Mac HARP Arizona loans.

HARP Streamline Refinance. A popular streamline solution; For borrowers with Fannie Mae and Freddie Mac loans; LTV must be greater than 80% (there’s no maximum limit) But loan must have been originated on or before May 31, 2009

HARP Has Flexible Guidelines. It’s virtually impossible to get a traditional refinance when you lack sufficient equity. Homeowners who are underwater, owing more on their mortgage than their home is worth, can qualify for a refinance through HARP despite having no equity.Traditional refinances require you to have a minimum of 5 percent to 20 percent equity, and the Federal Housing.

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You can get a HARP refinance by working with your existing lender or working with a new lender that participates in the program. In some cases, you may be able to reduce the amount of documentation you need to provide by working with your existing lender, but make sure you shop around to ensure you’re getting the best rate available.

The objective of a refinance under HARP is to provide creditworthy homeowners the opportunity to get into a new mortgage with better terms. HOW IT WORKS: The interest rate, mortgage payment, and amount owed over the life of the loan should be an improvement over current loan terms otherwise refinancing might not be the best solution..