New HARP Guidelines Released Homeowners can start applying to refinance their underwater mortgages under new HARP guidelines as soon as Dec. 1, according to new program rules released late yesterday. The new rules also reduce up-front costs for borrowers refinancing underwater mortgages and make it easier to refinance if a borrower has previously gone through foreclosure or a bankruptcy.
The Home Affordable Refinance Program, also referred to as "HARP," was a federal-government program existing from March 2009 to December 31, 2018. Designed to help homeowners refinance at low mortgages rates even if they were underwater on their mortgage, the program’s goal was to allow borrowers to refinance into a more affordable or.
Because of this, the basic HARP refinance guidelines are in your best interest to know! What is the Harp Program? When you have little equity in your home, or owe as much or more on your mortgage than your home is worth, it can be near impossible finding a lender for refinancing.
A considerable amount of positive feedback is coming from homeowners who have refinanced through the Obama Administration’s new HARP 2.0 program. This innovative program enables homeowners to refinance their mortgage to a much lower interest rate while using a less restrictive set of underwriting guidelines.
Regions Bank said this week that it plans to refinance up to $1 billion in HARP mortgages for homeowners with a good record of paying on their mortgages but who don’t qualify for new lower-interest ..
As part of the change in guidelines in 2011, HARP program allowed homeowners who have filled for bankruptcy to refinance their mortgages through the program. Scrapping of the requirement has made bankruptcy and foreclosure not an obstacle in accessing the HARP loan program.
The New HARP Mortgage Program Guidelines have several benefits for home owners: The program has been extended until December 31, 2015. The maximum Loan to Value (LTV) cap has been removed on home owners looking to refinance in to a fixed rate mortgage.
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Here are five ways to prepare for a HARP refinance: 1. Ensure Fannie or Freddie backs your mortgage. 2. Determine if your mortgage is old enough. 4. You must be current. 5. Organize your HARP paperwork.