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Home Affordable Refinance Program Basics

The Home Affordable Refinance Program, or HARP loan, is a program that will allow you to get a new and more reasonable mortgage that fits your budget.  This particular program is for situations where the home value has decreased quite a bit, and as such, it has been hard for the home owner to get more traditional loans or financing options.  If you need to refinance your home, and you owe more than your house is worth, use a HARP home refinance.  Please note that Fruition Home Loans are experts at getting our clients the hassle-free, low cost, easy approval on the HARP loan they desire.   Another thing to remember, most people have better credit than they think, at least Fair Credit, keep this in mind while filling out our online form.   When contacted by us, kindly ask our loan professional any question you may have.  They will be more than happy to assist you in making sure a HARP loan is best for you.  Remember, all loans don't fit all people; if you need a mortgage loan, we'll find the right one for you.

*Special HARP Savings For WashingtonResidents*
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To qualify for a HARP loan refinancing, you must be current in your mortgage payments, and have tried, unsuccessfully, to obtain mortgage refinancing through standard channels.  HARP is to help home owners obtain a more affordable and stable mortgage payment.  Like all standard refinance loans, HARP Home Refinance, according to bankrate.com, requires fees paid upfront, a HARP application, and underwriting as usual.

Look online.  The refinance HARP program itself is not designed to be difficult.   It is meant to be stress free, with no waiting and without wasting time on an extensive hunt for help.  Tools online will help you compare and contact potential lenders.  You are no longer limited to your geographic area either, through the technology of the internet.  You can find the right lender for you.

HARP is there for what are referred to as "underwater borrowers" or those whose loan amount exceeds the value of their home by a large proportion.  Recent updates, referred to as HARP 3.0, relax the guidelines a bit so that more home owners may qualify.  If you meet the standards above, don't give up the search for a lender that will work with you.  There are many institutions out there that are willing to help underwater borrowers; you just have to find them.

HARP is there for what are referred to as "underwater borrowers" or those whose loan amount exceeds the value of their home by a large proportion.  Recent updates, referred to as HARP 2.0, relax the guidelines a bit so that more home owners may qualify.  If you meet the standards above, don't give up the search for a lender that will work with you.  There are many institutions out there that are willing to help underwater borrowers; you just have to find them.

There are certain qualifications and eligibility requirements for those who can benefit from HARP:

  • Freddie Mac or Fannie Mae must possess or guarantee the loan. (HARP 3.0 relaxes this rule.)

  • Freddie Mac or Fannie Mae must have acquired the loan before May 1, 2009. (HARP 3.0 relaxes this rule.)

  • The loan cannot have previously been refinanced through HARP.

  • LTV (loan to value) ratio must surpass eighty percent. (HARP 3.0 relaxes this rule.)

  • You must be up-to-date on your loan when you apply.

  • Twelve month good payment history.

home affordable refinance program - HARP

  What is new with HARP 3.0

  • Refinance with lower rates.

  • Rebuild equity in their home if they are underwater on the mortgage.

  • Apply for a re-mortgage through a streamlined process.

HARP 2 eliminated Loan To Value caps, while HARP 3 will allow those with non-Freddie Mac and Fannie Mae backed mortgages to re-mortgage under the new program.  Eligibility is reasonable and uncomplicated.   To be eligible, the homeowner still cannot have missed any mortgage payments over the previous 6 months.  They should have a current FICO score of 580, which is true of 9/10 of borrowers. The residence value cannot be greater than environment median values as decided by FHA conforming loan limits, and the dwelling being refinanced should be a single family, proprietor occupied principal residence.

You will have to put other work in as well, when you find the lender that will assist you in your efforts to maintain your home and pay your obligations.  You can work with a HUD housing counselor, and he or she can help you with the documentation and coordination.  You are more likely to have a positive result if you stay in frequent contact with your counselor and do what they ask you to do.

You can learn more at MakingHomeAffordable.com.  There you will learn about the available options, what your eligibility is and what you must to do apply.  Take the time to gather the documentation completely and provide as much information as you can that shows you are responsible and will take any agreement seriously.

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