February 7th, 2014 | HARP Program!
GOVERNMENT REFINANCE PROGRAM
HARP (Home Affordable Refinance Program) is designed to help responsible homeowners who got caught on the wrong side of a sliding housing market to allow them to benefit from the current historic low interest rates.
The HARP program allows the homeowner who can’t qualify for refinance due to very little or no equity in their home. This is known as being “upside down” or “underwater”.
Besides lowering the mortgage rate another feature is to reduce the number of years on the refinance. By reducing the length of the mortgage will result in a major savings in interest paid.
To be eligible for the HARP mortgage the homeowners needs to be current on the mortgage with a good payment history for the past 12 months and the current mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae, or sold to them, before May 31, 2009.
Give us a call to find out if you are eligible!