Harp Program Update
Notice This program will Dec 31, 2016.
HARP or the Home Affordable Refinance Program is a government program run by the Federal Housing Finance Agency. It was set-up in March 2009 to help underwater homeowners refinance their mortgages. To date there have been 3+ million people who have benefited through refinancing from the Home Affordable Refinance Program. To find out if you Qualify, check the calculator at the bottom of the page.
Harp 1.0 has completed and Harp 2.0 will run through December 31, 2016. The extension of this program is to continue to allow more struggling homeowners to take advantage of the wonderful program. You may be able to refinance at prevailing rates even if you owe more than your home is currently worth. Harp has expanded the eligibility criteria to be able to offer assistance to more struggling homeowners.
If you’re current on your mortgage payments but have been unable to get traditional refinancing because the value of your home has declined since your purchase, you may be eligible to refinance through the Home Affordable Refinance Program (HARP). HARP is designed to help you refinance with a new, more affordable mortgage.
So what are the minimum requirements to be HARP-eligible?
First, your current mortgage must be paid on-time for the prior 6 months, and at least 11 of the most recent 12 months. Second, your mortgage must have a note date of no later than May 31, 2009, which means that you loan must have funded on, or before, May 31, 2009 or before the Market collapse. Third, you may not have used the program before — only one HARP refinance per mortgage is allowed.
Will there be HARP 3.0?
Maybe, but since Harp 2.0 has been extended to Dec 31 2016, why worry about Harp 3.0. If you are eligible, get on started, this will save you alot of money. I have used this program for investment property, and it is saving me money. I highly recommend it.
Use the calculator to see check you eligibility.