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Home Affordable Refinance Program (HARP)

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A Home Affordable Refinance Program (HARP) loan could be your new best friend if you are like millions of Americans that have seen their home values decrease over recent years such that they may even be underwater (owe more than the value) at this point.  A HARP loan allows homeowners to still take advantage of today's low rates, often times, in spite of their equity position.  There are, however, a couple of unique requirements that must be met

  • Your mortgage must currently be held by Fannie Mae or Freddie Mac. Please bear in mind, you may make your monthly payments to Bank A, B, or C but Fannie/Freddie may still hold your loan!  You can quickly verify if Freddie Mac owns your loan here or see if Fannie Mae owns your loan here
  • You acquired (ie..closed) your current mortgage prior to May 31, 2009
  • You cannot have any 30-Day late payments in the last 12 months.

Assuming you meet those 3 requirements, you may be able to lower your rate and save some money without having to wait for property values to fully rebound.  Please note, additional underwriting guidelines may apply.

See the situations where HARP can come in handy here

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