HARP was created as a means to aid these borrowers with little or no equity, enabling them to refinance into more affordable mortgages without purchasing new or additional mortgage insurance. With HARP, borrowers have access to lower interest rates, shorter loan terms and are able to refinance from an adjustable to a fixed-rate mortgage.
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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.
To qualify for the program under the guidelines for what is now called HARP 1.0, a borrower had to be current on their monthly mortgage payments and have a loan-to-value (LTV) ration of 105 percent or.
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The HARP program allows borrowers to refinance the first mortgage while a second mortgage is in place. Fannie and Freddie do not set a combined loan-to-value (CLTV) maximum. The CLTV is the total of all loans on the property.
· HARP 2.0 refinancing is the only program that helps them refinance their loans. As against the first version, qualifications for HARP 2.0 refinance are simpler and it also allows borrowers with mortgage insurance to apply for refinance.
The Basics. FHA and HARP replace only non FHA-insured loans, or conventional loans backed by Fannie Mae and Freddie Mac. The programs were designed to help homeowners in negative equity positions, owing more on their homes than the fair market value. Homeowners must be current on payments to qualify for either refinance.
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HARP was created to help homeowners refinance a mortgage with a balance that was higher than their home’s market value, often called an underwater mortgage. HARP helped millions get into a more affordable home loan after the housing market crashed in the late 2000s.
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