HARP loans are designed for underwater or near-underwater homeowners that would like to refinance their homes, but may not qualify for traditional refinancing options.
Key benefits of the program
- Conversion of ARM loans to fixed-rate
- Access to lower rates
- Reduce the loan life and overall payments
- Lower your monthly payments and use the savings for other obligations and/or expenses
The qualifications are:
- You are currently making on-time payments with no 30-day+ late payments in the last 6 months and no more than one in the last 12 months
- Fannie Mae or Freddie Mac owns your loan
- Primary residence, one-unit second home or 1-4 unit investment property
- The loan originated before or on May 31, 2009
- Loan-to-value (LTV) is currently greater than 80%
- Enough income to cover monthly payments
The payments will depend on your financial situation and the current market interest rates.
The extension of the HARP program lasts through September 30, 2017.
Please contact us now if you believe you qualify for HARP.