HARP’s purpose was to help mortgage borrowers who were underwater on their loans – meaning they owed more than what their house is worth – to refinance their mortgage. The loans had to be owned by either Fannie Mae or Freddie Mac, the government-sponsored enterprises that purchase loans from mortgage lenders.
With HARP/ government refinance, you don’t have to use your current bank: Money Matters – Among the HARP-approved lenders locally: Fifth Third, First Federal of Lakewood, FirstMerit, Huntington, PNC, Quicken Loans and U.S. Bank. Now, Bank of America services your loan but it almost surely.
Mortgage Type. To be eligible for the HARP program, you can only have a conventional mortgage. Other mortgage options like the USDA, FHA, or VA home loan are not accepted into the HARP refinance program. One Use. You may only use the HARP program on the same property once.
HARP was created in 2009 to give borrowers who were current on their mortgages but had little or negative equity an opportunity to refinance at lower rates.. The HARP mortgage program was modified.
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Update on HARP Refinance Loan Programs Extended for 2019 and. – The HARP refinance program was going to expire on September 30th. The federal housing finance agency announced recently that it would extend the Home Affordable Refinance Program or HARP 3.0 through the end of last year. This is good news for people who are struggling with their mortgage and who owe more on their home than it is worth.
FAQs – harpprogram.org – The mortgage MUST be owned or guaranteed by Fannie Mae or Freddie Mac; The mortgage MUST have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009. The mortgage CANNOT have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009.
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Harp Loans – Loan Pro Shop – Harp Loans. THE NEW, IMPROVED HOME AFFORDABLE REFINANCE PROGRAM (HARP 2.0) On March 17, 2012, the U.S Government rolled out the H.A.R.P. 2.0 Refinance Program. This mortgage loan program allows U.S. homeowners the ability to refinance their homes regardless of their equity position.
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Your mortgage must be owned by Fannie Mae or Freddie Mac.Other types of loans do not qualify for HARP. You can look up your loan online to see if it is held by Fannie Mae or Freddie Mac by going to the loan lookup tools on the Making Home Affordable website.; Your loan must have originated prior to June 1, 2009.