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Have you considered the HARP Program?

The recent housing crisis and great recession has put many homeowners in a difficult position with their mortgage. As home values fall below mortgage balances, homeowners are finding it difficult if not impossible to refinance their homes. Thanks to a federal program, there is hope for many people who face underwater refinancing.

If you’re not behind on your mortgage payments but have been unable to get traditional refinancing because the value of your home has declined, you may be eligible to refinance through the Home Affordable Refinance Program (HARP Program). The HARP Program is designed to help you get a new, more affordable, more stable mortgage. HARP refinance loans require a loan application and underwriting process, and refinance fees will apply.

Question:  Can I refinance through HARP if I owe more than my home is worth?

Answer:  Under the guidelines for the Home Affordable Refinance Program (HARP), there’s no limit on how much your mortgage balance can exceed your home value.  For example, if your home is now worth 225,000 and the amount you owe on your mortgage is 235,000, you may well qualify to lower your monthly payments through HARP.

Costs are low with this federal program, and there’s no minimum credit score requirement.  You do need to be up-to-date on your current mortgage payments, though.  To find out if you qualify for underwater refinancing with a 30-year, fixed-rate HARP loan, fill out the form below or call me at (757) 741-8573.

HARP Program

Contact Me Below and I Will Get Back to You Promptly.


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