HARP Refinance Loans Are Available to Now at the Lowest Rates Ever!
HARP Lenders for No LTV Refinance Mortgages
With our HARP lenders, you can expect full knowledge of the 2016 and 2017 HARP refinance guidelines. The Home Affordable 2.0 is the new and improved government relief effort endorsed by Fannie Mae, Freddie Mac, President Obama and the United States Congress. The HARP refinance has one significant edge over previous versions and that is that there are no longer any "loan to value" requirements to qualify for refinancing. The HARP 2.0 eliminated the LTV requirements that were previously capped at 125%. The other significant difference with the latest HARP loan program is that now the HARP lenders take on less risk and liability that is crucial to insure the loans for the secondary market. Compare HARP mortgage lenders online now with no application fee or obligation.
Take a minute and complete this simple form and compare quotes from the most trusted HARP lenders in the industry.
Refinance without any Loan to Value Requirements! HARP Rates at 2.75%
Since the housing crisis devastated property values in all 50 states, millions of homeowners had nowhere to turn for refinancing because lenders simply would not take the risk on borrowers who owed more than their homes were worth. The good news for underwater homeowners is that now there is finally a real solution with the HARP refinance loan. Take a minute and complete the form above so that our HARP lenders can determine your eligibility and provide you a loan quote that includes rates and terms. With our system you will be able to shop HARP lenders so you can find the company that best suits your refinancing needs.
Homeowners may be eligible for the 2016 HARP Refinance if:
The borrower is living in an owner-occupied home.
Locate HARP Lenders in all 50 states. (From California to New York and beyond)
The lien on your home is guaranteed by Fannie Mae or Freddie Mac
The borrower is current on their existing home loan payments at the time of application.
The HARP lenders believe that there is a low risk for the loan because you have ability to make the payment on the proposed refinance loan.
The underwriter believes that the subject loan being refinanced will enhance the long term affordability of the home loan.
High Loan to Value Mortgage Refinancing – The HARP Program
If you own a home and got hurt in the market downturn, you may have heard about high loan to value mortgage refinancing, also known as the HARP program (Home Affordable Refinance Program). HARP is a refinance program that was started in 2009, which gives homeowners who have lost value on their homes the ability to refinance without having to pay for mortgage insurance or PMI. The program can help you to save money in these ways:
Lower your monthly mortgage payment
Reduce your rate
Secure a fixed rate mortgage that will not fluctuate
Build your equity faster
Lower your closing costs because no appraisal is usually needed.
People who are still underwater on their mortgage on a conforming, conventional mortgage still may be able to refinance. However, you should know that the current deadline for this program is Sept. 30, 2017. The federal government has extended the deadline before and may do so again. But to be safe, you should try to refinance a high LTV loan before this deadline.
If you are interested in the HARP loan program, there are a few requirements:
The loan has to be guaranteed by Fannie Mae or Freddie Mac.
The current mortgage must be dated no later than May 31, 2009.
Note: If your mortgage is guaranteed by FHA, USDA, or VA, you cannot qualify for HARP. Instead, FHA mortgage holders can refinance with the FHA Streamline Refinance Program. VA loan holders can refinance with the VA IRRRL mortgage program, and USDA loan holders can refinance with the USDA Streamline Refinance program.
People who want to refinance their mortgage with the HARP program often have many of the same questions. Let's address a few of them below:
Is HARP the same as the Making Home Affordable Program?
Yes, it is. Both programs are basically the same thing. This program also has been called the DU Refi Plus and Relief Refinance program. Some mortgage lenders call it The Obama Refi.
How to know if Fannie or Freddie back my mortgage?
Both websites have ways to look up your mortgage on their websites. You loan has to appear on one of those sites for you to be able to do a refinance with HARP.
My mortgage is guaranteed by Fannie or Freddie. What do I do now?
You should find one of your recent mortgage statements and jot down either Fannie or Freddie. It is easy to forget which group guarantees your loan. Then you should give that information to your lender when you apply for your HARP refi.
My mortgage is backed by Bank Of America/ Wells Fargo/Chase/Citi. Can I get a HARP refinance?
Many home lenders may or may not back their own loans, but more likely, one of the above mortgage lenders just is the company that collects your payments. The majority of loans by these companies are backed by Fannie Mae or Freddie Mac.
My lender does not deal with HARP, so what do I do?
You can use the HARP program with any mortgage lender that participates. The US government wants as many people as possible to have access to HARP. So if you were turned down by your lender, you can apply with another lender.
What if my loan is not backed by Fannie or Freddie?
Then you cannot use HARP. However, many homeowners still may be able to refinance for a lower rate. You should check with several mortgage lenders and see if they can help you.
My lender said it is not dealing with Freddie Mac or Fannie Mae. What do I do?
Not all lenders are going to work with the HARP program and that is ok. If you have been told that your bank is not able to help you, you can try with another bank.
My mortgage is interest only. Can I use HARP?
If your mortgage has interest only payments, you still might be able to use HARP. That is, if that mortgage is conforming and is backed by Fannie or Freddie, you may be eligible for HARP.
My lender has denied my HARP application because they said my LTV was too high.
Some banks may be enforcing slightly different versions of the HARP guidelines. The changes are small, but it may be enough to cause some people to be denied. However, if you are turned down by your lender, there is nothing stopping you from applying with a different bank.
The HARP program can be a big help to people whose homes dropped a lot in value during the last recession. You may need to do some homework to determine if your loan is HARP eligible. But the majority of first lien mortgages ARE eligible, so keep shopping around to find a lender that can help you.