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HARP is an acronym for "Home Affordable Refinance Program". The HARP refinance program was originally a program that was designed for homeowners with loans serviced by Fannie Mae and Freddie Mac, that would allow them to refinance with no mortgage insurance, and with loans that were "underwater", or, loans that had a higher balance than the value of the home. The first "HARP" fell short in a couple areas, because income still was heavily scrutinized, and there was a 125% cap on the loan to value. In other words, you couldn't owe more than 125% of what the value of the home was.
Currently, there is another option in the works that is called HARP 2.0.
The HARP 2 program is an amendment to the first HARP program that will allow borrowers to refinance to lower interest rates with heavily reduced income documentation, and zero limits for value, therefore appraisals might not be needed.
In a nutshell, if you are a homeowner with a Fannie Mae or Freddie Mac owned home, and you have no mortgage lates in the last 6 months (no more than 1 late in the past 12 months) you can refinance down to the 4% range on a 30 year fixed, using potentially no appraisal, and reduced to no income documentation.
What else can I help you with?
Can you refinance a house with negative equity?
At times yes. The new HARP program currently allows refinances on properties up to 125% of their value. After March of 2012 once FNMA and Freddie Mac have updated their automated underwriting engines, lenders may go above and beyond 125%. Each lender may put their own additional rules on top of these rules too. Depending on the lender, your loan must be owned by FNMA or Freddie Mac to be eligible for HARP. Call your lender and ask who owns your loan or use the FNMA look up tool on-line. If your loan is owned by Freddie Mac, it also has it's own look up tool, it's harder finding a HARP lender. As always there are criteria to be eligible for HARP and if you have a second mortgage or HELOC, they have to be receptive to the HARP program too. Best of luck to you.
What is the ratio of loan balance to loan amount for this particular loan?
The ratio of loan balance to loan amount for this specific loan is 0.75.
What is the loan origination date for this particular loan?
The loan origination date for this specific loan is the date when the loan was first issued or funded.
Is a car loan considered an installment loan?
Yes, a car loan is considered an installment loan.
What is uncollateralized loan?
a loan not backed by a co-signer who agrees to cover the amount of the loan a person loan without assets to cover the loan amount a home equity loan a loan tkaen on a life insurance policy
Can you refinance under HARP with a different co signer?
If you qualify for all the factors in a harp loan but work commission can you have a cosigner on the loan?
Which instrument has 47 strings and 7 pedals?
harp
Can you refinance a house with negative equity?
At times yes. The new HARP program currently allows refinances on properties up to 125% of their value. After March of 2012 once FNMA and Freddie Mac have updated their automated underwriting engines, lenders may go above and beyond 125%. Each lender may put their own additional rules on top of these rules too. Depending on the lender, your loan must be owned by FNMA or Freddie Mac to be eligible for HARP. Call your lender and ask who owns your loan or use the FNMA look up tool on-line. If your loan is owned by Freddie Mac, it also has it's own look up tool, it's harder finding a HARP lender. As always there are criteria to be eligible for HARP and if you have a second mortgage or HELOC, they have to be receptive to the HARP program too. Best of luck to you.
What string instrument has a pedestal and a crown?
The Harp
What are the changes to the HARP home loan refinancing program?
As far as I know there are not a lot of big changes, but there are a few, such as you will be required to prove you are able to refinance you're home.
What are the requirements for the HARP mortgage program?
You can go to the Harp-mortgage website. Common requirements for Harp mortgage program include that the mortgage you currently have is a Fannie Mae or Freddie Mac Mortgage. Also that you can afford the new projected payment and that the new projected payment is lower than your current payment. You also can not have any late payments made on your current loan in the last 12 months.
What is bigger the guitar or the harp?
Harp
What is an angular harp?
An angular harp is another name for an angle harp - a variety of harp where the neck runs at an angle over the resonator.
How do you use harp in a sentence?
The angel has a halo and a harp. The harp sounds so lovely.
What is the birth name of Bill Harp?
Bill Harp's birth name is Harp, Rufus.
What sound does the harp makeWhat sound does the harp makeWhat sound does the harp makeWhat sound does the harp makeWhat sound does the harp makeWhat sound does the harp makeWhat sound does the?
it sounds really good!! it kind of sounds like plucking a cello..:)
Why are Harp Seals called Harp seals?
Harp Seals are called 'Harp' seals because Harp Seals's designs on their blubber can sometimes be in the shape of a harp.
