Home Affordable Refinance Program (HARP) is a mortgage-refinancing program offered to homeowners by the Federal Housing Agency. It is specifically offered to homeowners who have homes that are worth less than the outstanding balance on the home loan. It was created in 2009 to deal with the housing downturn.
This refinancing program is beneficial for those homeowners who are struggling to pay a mortgage due to their unexpected financial hardships. An applicant should consider refinancing their loan through HARP only if they have a good payment history that did not incur any extra interest due to overdue payments and if they owe more than what their house is worth.
Some advantages of refinancing your home loan through HARP are mentioned below:
Following are the eligibility requirements to qualify for HARP:
There are tools to calculate your LTV and refinancing options through HARP’s loan look-up tools available on their official website.
Although you cannot enroll in refinancing your home loan through HARP more than once, they have rehashed their eligibility criteria, which might increase your chances to get a refinancing program through the same.
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