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Best harp lenders

Home Affordable Refinance Program

Home Affordable Refinance Program

The Home Affordable Refinance Program (HARP) is a federal home loan program that was designed to help homeowners refinance their mortgages. With HARP loans, borrowers can take advantage of current low rates, even if they have little equity built up in the home or are having trouble making payments. This loan option is often known as the "Obama Mortgage," since it was created by the Obama Administration.

If you are up to date on your mortgage payments, yet you cannot get traditional refinancing because the value of your home has dropped, you may be eligible for the HARP program. Many times, the only way homeowners can refinance on a home that has dropped in value is through HARP.

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If the following is true, you can be eligible to receive financing under the Home Affordable Refinancing Program:

  • You have not used the HARP program to refinance the home before.
  • You currently have a mortgage with no late payments made in the previous 6 months, and have no more than one late payment in the last year.
  • Your mortgage is insured by Fannie Mae or Freddie Mac.
  • You closed your mortgage on May 31, 2009 or before.

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  • Homeowners with a second mortgage may qualify.
  • There is an unlimited LTV (loan-to-value) ratio.
  • Homeowners underwater on their mortgage loans can benefit from refinancing.
  • No mortgage insurance is needed under HARP, unless required by your current mortgage which in this case it will remain the same.
  • Homeowners with large mortgages, in the 6-8% range, will get the most out of HARP refinancing

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As with essentially all other mortgage loan products, the money a homeowner may borrow compared to the value of the property determines the interest rate of the refinance. The borrower’s credit will also be a deciding factor.

It is possible to roll the closing costs into the new loan, but there are limitations. Fannie Mae puts a cap at 4% of the current loan amount. Freddie Mac allows up to 5% of the total amount or $5,000, whichever one comes first. Any amount that exceeds these limits must be covered by the borrower in cash.

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It isn’t necessary to obtain a HARP refinance with the same lender who gave you the original loan. While your mortgage servicer may participate in HARP, not all lenders do. The cost of the Home Affordable Refinance Program will differ by lender. It’s important to compare rates and fees to ensure that you get the best terms on your refinance.

When will the HARP Program End?

The HARP program is set to run until December 31, 2014, yet Congress is considering putting out a HARP 3.0, which will be a third version of the HARP program. HARP 3.0 is said to offer increased opportunities for eligibility and to be extended to mortgages that are not backed by Freddie Mac or Fannie May. The new HARP program will also feature looser qualification guidelines, and those who have used a HARP refinance to get a new one.

Best harp lenders

For more information on our HARP program, call US Mortgage Lenders today! 855-751-6422

As an established mortgage company, it is our mission at Bad Credit Mortgage Lenders to provide borrowers with the lowest possible rates, coupled with the highest levels of expertise and service. We know that buyers have many options when it comes to finding a mortgage, and it is our goal to give you the power to make the best decision possible based on your needs.

Best harp lenders

28481 Rancho California Rd. Ste. 109

Temecula, CA 92590

Best harp lenders

Best harp lenders

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Arizona HARP 2 Lender | HARP Refinance Program Arizona

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Best harp lenders

If you have been searching for a lender that has NO restrictions on the HARP 2.0 program, you have found it!

Unlike most Banks and Mortgage companies, CMG Mortgage offers the complete HARP 2.0 program free of restrictions and credit overlay's.

CMG offers some of the best rates for this program in the market and we do not charge higher rates based on LTV, Credit Scores or Approval Levels.

To see how much money you can save with a CMG HARP 2.0 Refinance CLICK HERE

Thank you for helping make possible the refinance of my townhouse at a time when I thought doing so would be practically impossible. As you know, I, like many others, have been affected by the changes in the economy and how it has impacted the real estate market. Your openness to work with me on the process of refinancing has made a difference for me as I am sure it has for others.

Thank you, again!

I Really wanted to thank you for helping with our refi.

We were able to complete it in a quick amount of time compared to the struggles I had with other lenders.

CMG was fantastic to work with through the entire process.

I told my sister about the experience we had with CMG.

She is looking to refi her home. She lives in Vista CA (north of San Diego.

Was wondering if you can refer me to your representative that she can talk to in her area.

Would love to pass a referral.

Important HARP Loan Program Update:

On October 24, 2011, the Federal Housing Finance Agency announced that it is making a series of changes to the Home Affordable Refinance Program (HARP). The changes are intended to allow even more underwater homeowners refinance their homes under the HARP loan program. The biggest impact of these modifications is due to the elimination of the 125 LTV ceiling on HARP loans. What this means is that a homeowner can qualify regardless of how upside down they may be on their home.

The biggest changes are:

  • The eliminating certain risk-based fees for borrowers who refinance into shorter-term mortgages and lowering fees for other borrowers;
  • Removing the current 125 percent LTV ceiling for fixed-rate mortgages backed by Fannie Mae and Freddie Mac;
  • Waiving certain representations and warranties that lenders commit to in making loans owned or guaranteed by Fannie Mae and Freddie Mac;
  • Eliminating the need for a property appraisal where there is a reliable AVM (automated valuation model) and
  • Extending the programs end date for the HARP loan program until Dec. 31, 2013 for loans originally sold to Fannie Mae or Freddie Mac before May 31, 2009.

Employment verification will still be required and the program will only apply to those who have either a Fannie Mae or Freddie Mac loan that has not been more than (30) days late in the last (12) and not in the previous (6) months. Those who have already refinanced with HARP are not eligible.

•It’s important to keep paying your mortgage.

•Lenders are not required to take part in the revamped program. So far, some of the major banks have stated they will likely particiapte including Bank of America and Wells Fargo. However, implementation may vary. Bank of America also states on their website that it will take approximately (75) days to notify you if you are approved and then go on to a typical closing process from there, apx. another (30) to (60) days from what we have been told. At AmeriFirst Financial, we can approve your HARP Streamline Refinance and close your transaction in as little as (30) days. This becomes very important as program guidelines are known to change over time as do interest rates.

•Assuming you qualify for the program, consider how long you plan to live in your home and when you plan to retire. Those factors could impact what’s financially best. Please call us at 602-492-8393 to see is this would be a good option for you.

HARP Mortgage Refinance Program

Are you currently upside down on you home loan? Have you tried in the past to get your Mortgage refinanced? Have you been told you can't qualify for a loan modification? Have the BIG banks made your life misreable when you tried to get some kind of payment relief? If so, we can help. The NEW HARP loan program has been enhanced to help those that could not be helped before! Let us help you save some real money on your mortgage payments.

Let our team of Mortgage experts put our 50 yrs of experience to work for you! We have have helped thousands of borrowers refinance and save money on their monthly mortgage payments. We don't treat you like just a number like the BIG Banks do. We will treat you with the respect and dignity you deserve!

HARP is the Home Affordable Refinance Program. It was an initiative by the Obama Administration begun in 2009 to allow underwater homeowners to refinance their homes at today's low mortgage rates. The program is currently available through April 2013.