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Home Affordable Refinance Program – HARP 2.0
If you are a responsible homeowner experiencing the effects of the housing downturn and have not been able to take advantage of current, lower rates because the value of your home has dropped below the outstanding balance of your loan, it is time to consider HARP and verify your eligibility. A special refinance program created by the federal government and managed by the Federal Housing Finance Agency (FHFA), HARP primarily aims to help homeowners who are up-to-date on their mortgage payments, but are unable to refinance because their home values have depreciated below their loan balance.
You may consider HARP if you meet the following qualifying criteria:
- Your current mortgage must be guaranteed by eitherFannie Mae** or Freddie Mac and your mortgage must have been
closed with a note date on or before May 31, 2009. You can look up your loan by visiting here for a Fannie Mae**loan and here for a Freddie Mac loan.
- You must be current on your mortgage payments without any late payments within the past six months and no more than one late payment in the past twelve months.
- You may not have refinanced into a HARP loan previously.
- The current loan-to-value LTV ratio of your mortgage in relation to your property value must be greater than 80%.
- The refinanced loan must result in a lowered interest rate, lowered monthly mortgage payments for the borrower, shorter loan terms (e.g., from 30 to 15 years), or a safer loan type, such as refinancing from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage.
**Fannie Mae® is a registered trademark of Fannie Mae.
All occupancy types are allowed under the federal HARP program, and it is also possible to waive the property appraisal process, if eligible. If you have been a responsible homeowner who is underwater and is having a hard time paying your mortgage, the HARP program is here to help you refinance your current loan into a more manageable one.
LowRates is a fully qualified HARP lender, and we want to help you keep your home. The terms and costs of the HARP 2.0 loan will be determined and assessed on a case-by-case basis, and LowRates.com will be here to walk you through the entire process.
The HARP 2.0 program is currently scheduled to end on December 31, 2018. Please take advantage of this loan program while you still can.
We make the process simple and easy!
- Call us at (855) ITS-QUICK / (855) 487-7842 and submit information for your application.
- Provide all the necessary documentation, such as your income and property information.
- We will issue a conditional approval and order value check on your property.
- Once acceptable value is established and any outstanding items are submitted and resolved, you may sign your paperwork as part of the closing process.
Take advantage of our great rates today!