Have you heard about the Home Affordable Refinance Program (HARP)?

If you have been unable to refinance and take advantage of the currently low-interest rates and you are not behind on your mortgage payments, you may be eligible to refinance through the Making Home Affordable Refinance Program.  This program is designed to get homeowners into a new, more affordable  mortgage.  You do not need to have equity in your home to participate in this program.

You must meet certain eligibility to qualify (taken off Making Home Affordable website –http://www.makinghomeaffordable.gov/programs/lower-rates/Pages/harp.aspx) :

  • The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae.
  • The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
  • The mortgage cannot have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009.
  • The current loan-to-value (LTV) ratio must be greater than 80%.
  • The borrower must be current on the mortgage at the time of the refinance, with a good payment history in the past 12 months.

When I initially heard about this program, I was worried that it really wouldn’t help a lot of homeowners.  However, several of the mortgage professionals that I work with say they are having success in getting many of these refinance loans approved.  Yea!  That’s good news.

If you are interested in finding out more information visit the Making Home Affordable website at:  http://www.makinghomeaffordable.gov/programs/lower-rates/Pages/harp.aspx

You can also contact your mortgage lender or call one of the lenders below.  They will be happy to answer questions for you:

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