Harp Government Program Refinance

Harp Program:  Refinance your mortgage with the Harp government program

Did you buy your house at the end of the booming real estate market? If you took a loan with a fixed -rate, your interest rate is probably around 6 percent. If you decided to get a loan with adjustable rates, you have got a great rate already, but be aware it’s going to rise at some point in the future.

In both cases, it would be a good time to refinance your mortgage when interest rates are still low.

But if you owe more than your home is worth on the market, check out the Home Affordable Refinancing Program or Harp Program.

What Is The Harp Government Program?

HARP is a government program designed to help homeowners with little or no equity refinance their home loans.

To be eligible for this Harp government program, you need to be current on your monthly mortgage payments. A second important condition is that your loan has to be owned (or at least guaranteed) by Freddie Mac  or fannie Mae. By the way: this is the case for most loans.

Also, the loan balance cannot be any more than 125 percent of the present market value of your house. So This Harp government program is going to help many borrowers who are underwater, but not all.

The Harp Program is a great government housing program but it’s been overlooked and many people do not realize how the Harp government program could help them to avoid problems in their financial future.

Note: Don’t confuse the HARP government program with HAMP. This is a totally different government program for homeowners who try to get a home mortgage modification.