What is the HARP mortgage program?
HARP was a government program designed to help underwater homeowners refinance mortgages at more attractive interest rates. The program started on April 1, 2009 and ended on December 31, 2018. Approximately 3.45 million borrowers took advantage of HARP.
Do HARP loans still exist?
Although HARP ended in 2018, two federally-backed initiatives for high loan-to-value (LTV) ratio mortgages currently offer homeowners similar benefits with a few changes. These are Fannie Mae’s High LTV Refinance Option and Freddie Mac’s Enhanced Relief Refinance.
Who is eligible harp?
Mortgage must be owned by Freddie Mac or Fannie Mae.
What are the requirements for a harp mortgage?
You Must Be Current on Your Mortgage.
What are the guidelines for a harp mortgage?
– Bad credit. Some borrowers can’t qualify due to impaired credit or too many late payments on their existing mortgage. – Equity issues. HARP has no maximum LTV ratio for borrowers who obtain a new fixed-rate mortgage, a maximum LTV ratio of 105 percent for borrowers who get a new adjustable-rate – No re-HARPs. – Fannie and Freddie.
Is my mortgage harp eligible?
Your loan must have support from either Fannie Mae or Freddie Mac. If you meet these two criteria, you may be HARP-eligible. See how you can get started here. If your mortgage is an FHA, USDA or a jumbo mortgage, you are not HARP-eligible. Why Refinance with HARP 2.0?