Good morning bloggers. Hope you are having a great day so far. Have you ever tried to refinance your home? Refinancing a mortgage can be needed as for a number of different reasons including but certainly not limited to divorce, death, illness, or unemployment. We’ve all been there before because as I like to say “life happens” folks. This topic is going to be about the HARP refinance program, the original finance program.
HARP, Home Affordable Refinance Program, was an initiative started by President Obama for people to refinance their homes. The first requirement for the HARP program is that your mortgage must be owned by Fannie Mae or Freddie Mack. A second requirement is that you must have taken out your mortgage before June 1, 2009. Also as a general rule, your loan to value must exceed 80%, and you must have been current on your mortgage payment in the past 12 months with only one late payment. If you have used HARP in the past, unfortunately you will not qualify for a HARP loan.
There are two types of HARP loans. One is for people who intend to keep their home instead of small sell, but doesn’t qualify for loan modification. The second type of HARP refinance loan is that HARP through the Making Home Affordable.
Below I am going to list some of the requirements designated for HARP program refinancing:
- There is no limit on the loan if your existing mortgage loan has a fixed rate.
- Generally you pay a small limited cash-out amount. As a general rule, only closing costs will be added to your HARP refinance loan to increase its balance.
- With the HARP loan refinance program, should you find yourselves going through a divorce, or maybe one spouse has passed away, you can remove a borrower.
- A borrower can also be added.
- You still qualify even if you’ve filed bankruptcy as long as the discharge has been 12 months ago, and you have been up to date on mortgage payments since then.
- There is no minimum credit score or debt ratio requirements.
Okay bloggers what do you think about the HARP 1 refinance program? There are other ways to refinance your home also, and I will touch on those in an upcoming blog. I hope this helps someone out there that is thinking about refinancing their homes. Good luck!
Now it is time for me to say goodbye for now until my next blog,so
good day friends!