HARP Refinance Program

HARP Refinance Program

The Home Affordable Refinance Program (HARP) is designed to assist homeowners in refinancing their mortgages even if you owe more than the home’s current value.

If you are current on your mortgage with or without equity then you are eligible for this program. As the government continues to purchase mortgage backed securities, rates continue to fall and are at record lows.

The Home Affordable Refinance Program allows you take advantage of current market rates even if you are underwater. Take advantage of the HARP refinance program and lower your monthly payment or term using the Fannie Mae streamline process.

Homeowners who are current on their mortgages but have been unable to take advantage of today's lower interest rates because their homes have decreased in value, may now have the opportunity to refinance.

If the loan being refinanced does not currently have PMI then the new loan will not require PMI. The new loan must provide a benefit to the borrower in the form of a reduced P&I payment of at least 5% or more stable program.

The program should:

• Reduce the interest rate
  
• Replace an ARM or Interest-Only payment loan
  
• Reduce the monthly Principal and Interest payment
• Reduce the amortization term

Credit score requirements:

• Primary Residence 620 Credit Score
  
• Second Home 680 Credit Score
  
• Investment Properties 680 Credit Score

Maximum loan-to-value:

• 620 Credit Score Maximum Loan-to-Value 200% (Primary)
  
• 680 Credit Score Unlimited Loan-to-Value (Primary & Second)

The objective of a refinance under Home Affordable Refinance Program is to provide creditworthy homeowners who have shown a commitment to paying their mortgage the opportunity to get into a new mortgage with better terms.

Homeowners whose mortgage interest rates are much higher than the current market rate should see an immediate reduction in their payments. Homeowners who are paying interest only, who have a low introductory rate that will increase in the future, or who face a balloon payment may not see their current payment go down if they refinance to a fixed rate and payment. These homeowners, however, could save a great deal of money by reducing the amount of interest you pay over the life of the loan.

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We look forward to working with you.

We look forward to working with you.