HARP

The Home Affordable Refinance Program (HARP) is for all conventional loans originated and sold to either Fannie Mae or Freddie Mac prior to June of 2009. These loan typically require less documentation than a traditional refinance. Often times an appraisal is not even required. The programs allow for high LTV's, including over 100% of the houses value, however this is for rate/term refinance only. You cannot take cash out of your property with a HARP loan. HARP loans also have maximum fee adjustments, so you may be able to get a lower rate in a HARP loan than through a regular refinance program. Second homes and investment properties are eligible, too! Finally HARP loans will allow you to keep your current mortgage insurance rate, even if the loan to value is higher than when you took the existing loan out. If you do not have mortgage insurance now, you won't be required to get it even if yoru loan to value is over 80%. To find out if your home may be eligible click on the links below:

https://ww3.freddiemac.com/corporate - For Freddie mac loans

http://knowyouroptions.com/loanlookup - For fannie mae loans

For more information on HARP click here:

http://makinghomeaffordable.gov/programs/lower-rates/Pages/harp.aspx

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