What Is Harp Mortgage Program
What is the HARP Program. The Home Affordable Refinance Program, also known as HARP, is a federal program of the United States, set up by the federal housing finance agency in March 2009 to help underwater and near-underwater homeowners refinance their mortgages.
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New programs are essentially an extension of HARP but with different names and slightly different requirements. Through new programs, homeowners can get a lower interest rate (which means less out-of-pocket costs each month), get a shorter loan term, or change from an adjustable to fixed-rate mortgage.
The HARP loan program was started in the heart of the mortgage meltdown in 2009. It was designed to help people who were either underwater on their mortgage or almost underwater to refinance.
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To be eligible for the HARP program, you can only have a conventional mortgage. Other mortgage options like the USDA, FHA, or VA home loan are not accepted into the harp refinance program. One Use. You may only use the HARP program on the same property once.
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Nisall became eligible for HARP when the program was updated. He worked with his original lender to refinance his mortgage through HARP, which reduced his interest rate by more than 2 percent and shaved about $300 off his monthly mortgage payments.
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Home Affordable Refinance Program, also known as HARP Loans, HARP 2.0 or HARP Refinance Program, is a federal program of the United States. It was set up by the Federal Housing Finance Agency in March 2009 to help underwater and near-underwater homeowners refinance their mortgages.