What is the HARP program? Let’s face it, with the housing crisis as bad as it is a lot of homeowners are not able to refinance their current mortgage because they owe more than their home is worth. The HARP program is a government program designed to allow them to save money by refinancing regardless of how upside down they are with their mortgage.
So, what’s the catch?
It’s only eligible for individuals with Fannie Mae and Freddie Mac backed conventional mortgages. This is not a program intended to help with FHA, USDA or VA loans. Existing mortgages must have been originated prior to June 1, 2009. The original Home Affordable Refinance Program was limited to 125% loan-to-value. The new 2.0 version of the HARP program does not require an appraisal and there is no limit to the loan-to-value.
It is also possible to have reduced documentation for the HARP program. As long as your payment doesn’t increase more than 20%, you will most likely only need a verification of employment instead of providing tax returns and pay stubs.
What is the interest rate?
Interest rates are pretty close to current market rates but because this is a special program and there are no other options available the rate will be a tad higher because of additional pricing requirements. With interest rates at an all time low you’ll probably find that the rate you qualify for today is better than the rate you currently have!
So, how do I see if I qualify?
It’s pretty easy actually! You are not required to use your original mortgage lender. We would love an opportunity to help you and we can almost guarantee we’ll be able to process your mortgage faster than the local banks will be able to. You can simply fill out our short application to get the ball rolling. Right now we’re collecting some preliminary information and as soon as the program is available to deliver we’ll be contacting everyone to start the process.