If you're not behind on your mortgage payments but you have been unable to get traditional refinancing because the value of your home has declined, you may be eligible to refinance through HARP.
Take advantage of today's historically low mortgage interest rates. There are more solutions for homeowners today than there have ever been. We offers refinance programs to help families get into more affordable and more stable fixed-rate mortgages.
If you have a home equity loan, HELOC, or some other second lien that is making it difficult for you to keep up with your mortgage payments you may be eligible for a modification or principal reduction on your second mortgage as well.
The U.S. Treasury's Hardest Hit Fund provides more than $7.6 billion in aid for homeowners in states hit hardest by the economic crisis. depending on your situation, your mortgage payments may be reduced to 31 percent of your income or suspended altogether for 12 months or more.
Are you current on your house payments?
Have you been unable to refinance because you owe more than the current value of your home?
Do you want a more stable mortgage?
If you answered Yes to those questions, we may be able to help you.
The Home Affordable Refinance Program may be the answer to your housing problems. HARP was designed by the government to help underwater homeowners take advantage of low interest rates and save money.
This program was initially developed by Fannie Mae and Freddie Mac in 2009 and was revamped with the help of housing professionals and insurers in 2011 in order to help homeowners get a more affordable and stable mortgage.
HARP is unique in the fact that it is the only refinancing option available to underwater homeowners and provides access to lower interest rates and other benefits. Many borrowers that owe more than the current value of their home have been stuck, with few financial options available until they are able to pay down the loan balance.
HARP allows families the chance to shorten terms on the loan and pay down the amount owed much faster. If they take advantage of lower interest rates, the mortgage terms can be shortened without an increase in monthly payments. Not only will this strengthen the borrower's financial health, it can lower the risk for Fannie Mae and Freddie Mac.
It is estimated that the average borrower with HARP will save over $2,000 in the first 12 months. Faster repayment of the principal in a shorter term also means there will be no added fee. Fill out the form to see why almost 1 million people have already chosen to refinance through this program!
More HARP Resources
HARP is available through the end of 2013. Check with your current lender to see if they participate in the program or call the toll-free number shown.
Frannie Mae or Freddie Mac must own the mortgage, and have been sold to them before June 1, 2009.
Borrowers who have refinanced previously under HARP are not eligible, unless it was refinanced by Fannie Mae between March and May 2009.
Borrowers must be current with payments.
The loan-to-value ratio must be higher than 80%.
"We bought our house in 2006 and with our adjusted mortgage rate, we couldn’t afford to pay our bills anymore. Our house had lost so much value we didn’t think it was even worth keeping for what we still owed. We tried to refinance through traditional banking and we were turned down. When we heard about HARP through our friend, we were doubtful. Long story short, we closed in under 45 days. HARP saved our home. "
Jamie
San Bernadino, CA
"I knew my mortgage was owned by Fannie Mae, so when I learned about the HARP 2.0 loan program I was praying that this would be the help I needed to keep my house. My mortgage was so under-water, I didn’t think anything would be approved. I refinanced with the current value of my home, and my new fixed rate is half the rate i was paying before."
Justin
Dallas, TX
"I really had no idea who owned my loan. Considering Fannie Mae and Freddie Mac had bought so many bad loans from other banks, I decided to check to see if mine was one of them. I was thrilled to find that Freddie Mac was my lein holder and that I qualified for the HARp program."
Sarah
Boise, ID