I am interested in refinancing a rental property that qualifies for the Home Affordable Refinance Program (HARP). I owe $91,000 on the first mortgage and I have a second mortgage at $19,000. The first.
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If you currently have an adjustable-rate mortgage (ARM), you can take advantage of HARP to get a fixed-rate mortgage. Because an ARM payment can quickly become too much for homeowners to afford, moving to a consistent and lower payment through HARP could lower your overall mortgage amount. Who is eligible for HARP?
HARP loans offer more attractive mortgage conditions, such as lower interest rates and shorter loan terms. If you are struggling to get by, a HARP loan could help you avoid foreclosure. Although the federal government has extended the program once already, it has made no announcements regarding an additional extension.
A HARP loan is short-hand for the Home Affordable Refinance Program that was created after the 2008 mortgage crisis by the Federal Housing Finance Agency (FHFA). The goal of HARP loans is to help homeowners who have little to no equity in their homes to refinance their mortgage.
The HARP mortgage is a home loan refinance program launched in March 2009, which gives homeowners whose homes have lost value the ability to refinance to current mortgage rates without incurring.
The HARP website can help you find out if one of these guarantor programs is involved in your loan. Second, if you took out the mortgage on or before May 31, 2009, you might be eligible.
HARP was created to help homeowners refinance a mortgage with a balance that was higher than their home’s market value, often called an underwater mortgage. harp helped millions get into a more affordable home loan after the housing market crashed in the late 2000s.