What Is The Harp Refinance Program – Home Affordable Refinance Guidelines Online With No Hassle

It is very important for home owners to learn about the Home Affordable Refinance Program the HARP. So, what is the harp refinance program? This loan is part of a federal program introduced in the year 2009. It was the set up by the Federal Housing Finance Agency which wanted to offer some relief to homeowners, whose homes have reduced in value. With the help of the HARP program, these homeowners can take advantage of the low interests. Here is more on. Read on

Before, we delve in to the details of the Home Affordable Refinance Program, let us tell you that this will only last till the end of December 2015. So, make sure you are making the most of this wonderful plan designed to help distressed homeowners. Now, if the value of your home is less than the total amount of your loan to the creditor, he (i.e. the creditor) will not really approve you for a refinance program. There were several borrowers who had faced a deep decline in the value of their homes post the US Housing Market Correction. What is harp refinance? And, how exactly is it helpful in these situations? The next part of this post explains the same.

The HARP lenders are there to help borrowers who are current on their payments but have experienced a sharp drop in the value of their homes. However, before applying for such a program (i.e. the harp refinance program) you should check whether at all, you are eligible for the same or not. Besides finding out what is a harp refinance, you should also know what qualifies you for the program.

You should be current on the monthly payments with proper repayment record of at least the past twelve months,

• The loan should be a Freddie Mac or Fannie Mae guaranteed one
• The home must be your primary residence (with you living there)
• The Loan and home value ratio must be 80%

Kindly visit the website www.mortgagerefinanc101.com for further information in this regard. Please ensure that you are going through this website thoroughly in a bid to keep track of even the minutest detail in relation to the mortgage loans.