Home Affordable Refinance Program (HARP)

HARP has great news for homeowners who have not been able to refinance because of the appraised value on their homes! As of November 15, 2011, the HARP (Home Affordable Refinance Program) has been modified to do two things to help home owners refinance homes which have a loan-to-value of at least 80%. Loan-to-value, or LTV, is the amount of the loan expressed in a percentage of the appraised value.

The HARP refinance plan does two things to help home owners who are underwater and owe more on their home than the appraised value or at least more than 80% of the value. The modified HARP affordable refinance program eliminates the requirement for an appraisal when there is a reliable Automated Valuation Model, AVM, available on the property. It also removes the maximum LTV on homes to be refinanced.

For homeowners to qualify for the HARP refinance they must have made all payments on time during the previous 6 months and may have only had one late mortgage payment within the previous 12 months.  Full credit and income qualification is required and the property must currently be financed by a loan held by either Fannie Mae or Freddie Mac.

The intention of the modifications to the HARP home refinance program from the FHFA is to help home owners take advantage of historically lower rates and the opportunity to refinance their home into a shorter term, conventional home loan.

To determine if your home and you as the home owner qualify for the HARP home loan refinance program it is imperative you contact a seasoned, conventional home refinance specialist like Americash Mortgage.

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