HARP allows underwater mortgage holders to take advantage of low mortgage rates and reduce monthly payment
The Home Affordable Refinance Program (HARP) makes refinance possible for underwater mortgage holders who are current on payments, but not able to qualify for a new interest rate because they owe more than their home is worth. The program was given two year extension from its December 31, 2013 end date, and will now run through the end of 2015. Read more here.
The housing crash caused many homeowners to fall into negative equity positions, which restricted them from refinancing to a more manageable mortgage. To allow owners to take advantage of the low mortgage rates, HARP was introduced by the Federal Housing Finance Agency (FHFA) and the Department of the Treasury in early 2009.
Since creation, HARP has gone through several iterations to make the program as effective as possible. The most recent renewal has extended the program through 2015.
Enjoy down payments as low as 3.5% of the home’s purchase price
Qualify with no maximum income limitation
Qualify for an FHA home loan even without a long credit history
No prepayment penalty
The existing mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009. Homeowners can determine if they have a Fannie Mae or Freddie Mac loan by going to:
Or call us at 805.543.LOAN with any questions!
To qualify for HARP, the borrow must be:
Other specifications:
Further Reading (from the Refinance Page)
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Kick your feet up while we crunch the numbers. Pre-approval can be done very quickly if you provide a complete and accurate loan application and supporting documentation.
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