What is the HARP Loan Refinance Program?
If you have a lot of questions on the HARP refinance program, then you have definitely come to the right place!
The Rider Group at CMG Mortgage Inc are not only the HARP 2.0 Refinance Loan experts, but a Direct HARP Loan Lender.
We are here to help you with honest answers to your questions. And, oh boy, there has been a lot of questions and mis-information on this refinance program.
By now, you have probably heard the term underwater mortgage. This term refers to a home in which it’s value is less than what is owed on it. Some people also call this an upside-down mortgage. Whatever jargon you use, it is has prevented millions from being able to take advantage of these historically low mortgage interest rates.
Over the past few years, millions of homeowners sought out refinance programs to try to lower their monthly payments… only to get the discouraging news that they were underwater with their mortgage… so NO Luck! If you are on this website, then there is a great chance that you have been there and done that. Am I right?
So what is the HARP program? HARP stands for the Home Affordable Refinance Program. Unlike the Home Affordable Modification Program (HAMP), which aims to assist homeowners who are in danger of foreclosure, this program targets homeowners who are current on their monthly mortgage payments but are unable to refinance due to dropping home prices in the wake of the U.S. housing market correction. It has been out since 2009, but it is the 2011 revisions to HARP that makes it what it is. The original HARP loan had an LTV cap at 125%; which, unfortunately, only a small amount of homeowners were able to qualify and take advantage. For States like Arizona and California, and for cities like Phoenix and Tucson, their high LTV ‘s prevented the homeowners from using this refinance program.
The 2011 revisions to HARP did away with the LTV cap. So the good news is that it does not matter how much you are underwater on your mortgage, which really helps those living in the hard hit areas such as Phoenix and Tucson, as well as most of California and Nevada. However, there are three main criteria that you should know about the HARP program:
1. Your loan must be owned by Fannie and Freddie (we can find out for you if you don’t know).
2. Your loan has had to be on Fannie or Freddie’s books since June 1, 2009.
3. You cannot have any late mortgage payments in the last 6 months, and only 1 late payment in the past 12 months.
Since we have been getting a lot of questions on the HARP refinance program, we took the time to put together a nice report that deals with the 35 most frequently asked questions about the new HARP Loans. Our goal is to be your go to trusted resource that will help guide you to understand the new HARP Loan program – and hopefully take advantage of it.
To get the FREE report on the 35 Most Frequently Asked Questions, just click on the “Free Report” button below, fill out your name and email address, and we will email it right to you. It is very helpful!
 Question #1: What if I have a second mortgage?Find out in minutes if your home qualifies for HARP 2 or not.
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Question #6: Does my home qualify for HARP?Find out in minutes if your home qualifies for a HARP refinance or not.
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Attend Our Free Online Workshops
Because of all the recent calls on the HARP 2.0 Loans, we’ve decided to hold – for a limited time only – a weekly FREE online workshop where we will go over the details of the HARP home loan refinance program and how you may benefit from it. To attend just click the tab on the top that says, “Workshops”. They are open to anyone. So if you know of a friend, family, or co-worker that is underwater on their current mortgage, then please invite them to attend.
Will there be a HARP 3 Refinance Loan?
