How to Get Financing Despite Declining Home Value
If you own a home worth less than the mortgage, obtaining a Home Affordable Refinance Program (HARP) loan from a qualified HARP lender such as Houzzle Financial may be right for you. Even if your loan isn’t “under water,” and you have equity in your home, you might qualify for a HARP loan.
In 2009, President Obama introduced HARP as part of the Making Home Affordable program. The intent of HARP is to assist responsible borrowers who can’t refinance with a conventional loan because the value of their home is less than what they owe.
HARP ends Dec. 31, 2017
Who Qualifies for a HARP Refinance?
– The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae.
– The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
– The mortgage must not have been previously refinanced under HARP, unless it is a Fannie Mae loan that was refinanced under HARP between March and May 2009.
– The current loan-to-value ratio must be greater than 80 percent.
– The borrower must be current on the mortgage at the time of the refinance, with a good payment history in the past 12 months.
In addition to the above HARP eligibility requirements, HARP refinance loans require a loan application and underwriting process, and refinance fees apply.
Stop Throwing Money Away!
While a HARP loan lowers your monthly payments, it is also a great way to reduce the term (of your loan or convert your adjustable rate mortgage to a fixed-rate mortgage to increase your financial security).
Houzzle Financial is a direct HARP lender, offering HARP refinance loans to homeowners who are eligible. We are also able to refinance your home loan if you have private mortgage insurance or don’t have mortgage insurance.
Disclaimer: The interest on the portion of the credit extension that is greater than the fair market value of the dwelling is not tax deductible for Federal income tax purposes; and the consumer should consult a tax adviser for further information regarding the deductibility of interest and charges.
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