If you’re not behind on your mortgage payments but have been unable to get traditional refinancing because the value of your home has declined, you may be eligible to refinance through the Home Affordable Refinance Program (HARP). HARP is designed to help you get a new, more affordable, more stable mortgage.

 

Features:

 

  • Available in a variety of fixed rate terms: 30, 25, 20, 15 and 10 Year Terms.
  • Refinance unlimited % of your home’s value.
  • Appraisal waiver allowed in many cases.

 

Benefits:

 

  • Ability to refinance to a lower fixed rate payment despite owing more than your house is worth.
  • Available for nearly all income levels.
  • Available for nearly all credit levels.
  • Allowed for all occupancy types: owner occupied, investment property or 2nd home.

 

Things to Consider:

  • Mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae.
  • Mortgage must have been acquired by Freddie Mac or Fannie Mae on or before May 31, 2009.
  • Homeowner must be current on their mortgage payments for last 6 months and no more than 1 late payment in last 12 months.