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HARPs New Guidelines for Homeowners to Refinance

Although HARP 2.0 allows homeowners with PMI to apply through the making home affordable refinance Program, many homeowners have faced difficulty refinancing with their original lender. harp requires the new loan to provide the same level of mortgage insurance coverage as the original loan.

 · The Home Affordable Refinance Program, or HARP, has helped over 3 million American homeowners refinance into a lower rate and payment even though they owe more than their home is worth. The real estate downturn of 2009 spurred the government to issue new lending guidelines to help people save money each month on their mortgages despite low home values. >>Click here to check today’s HARP-alternative.

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The new HARP will. of the many underwater homeowners seeking to take advantage of the HARP changes to grab a lower mortgage rate, there’s no need to rush to apply to refinance yet. Lenders don’t.

 · No, the HARP loan is not the same as the White House’s A Better Bargain for Responsible Homeowners program. HARP is a specific mortgage refinance product. The “A Better Bargain” program is the White House’s recommended set of mortgage market reforms.

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 · New HARP Guidelines: What You Need to Know. If the fixed-rate loan is in the range of 30 to 40 years, the maximum LTV is 105 percent. For adjustable-rate loans, the maximum LTV is also 105 percent with an initial fixed period of five years or more. The new guidelines also allow borrowers to refinance from a 30-year mortgage to a shorter-term loan.

A critical part of Fannie Mae’s role in the making home affordable program is the Home affordable refinance program (harp), available for refinances of existing Fannie Mae (and Freddie Mac) loans. The goal of the refinance effort, as announced by the President, is "to provide access to low-cost refinancing for responsible homeowners suffering.

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 more stable mortgage.

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