The Home Affordable refinance program. benefited from HARP, almost 14 million homeowners still owe more on their mortgages than what their homes are worth, according to the latest negative equity.
The HARP program is aimed helping people who wouldn’t otherwise be able to refinance because their home has lost value. Other requirements: The mortgage must be owned or guaranteed by Fannie Mae or.
HARP is a free government program designed for homeowners who have seen a drop in their property value, causing their mortgage to be considered underwater. Remember, it’s always good to do your research first.
Banks were initially reluctant to participate in a program they viewed as risky – refinancing borrowers who owed more than their homes were worth. HARP is now regarded as a high point in Obama’s mixed.
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The basics of the HARP 2.0 mortgage. In 2009, the government launched its Home Affordable Refinance Program (HARP) as part of that year’s economic stimulus program. HARP was meant to give homeowners access to a refinance despite having little or no home equity. The eligibility test for HARP was basic.
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The HARP program can help! The Home Affordable Refinance Program , also known as HARP , is a federal program of the United States, set up by the Federal Housing Finance Agency in March 2009 to help underwater and near-underwater homeowners refinance their mortgages.
Yes, HARP has very specific qualifications, but nearly 3.3 million homeowners have refinanced their mortgages through the government program as of last November, saving them an average of $191 a month.
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