What Is The Home Affordable Refinance Plan : House Plans

What Is The Home Affordable Refinance Plan?

The Home Affordable Refinance Plan (HARP) is a government-sponsored program that helps homeowners refinance their mortgages into more affordable ones. HARP was created in 2009 as part of the Troubled Asset Relief Program (TARP), and it has been extended several times since then. The most recent extension of HARP will expire on December 31, 2020.

HARP is available to homeowners who have a mortgage that is owned or guaranteed by Fannie Mae or Freddie Mac. To be eligible for HARP, you must meet the following criteria:

Your mortgage must be at least 3 years old.
You must have made all of your mortgage payments on time for the past 12 months.
You must not have any other liens or judgments against your property.
Your loan-to-value ratio (LTV) must be 80% or less.

If you meet the eligibility criteria for HARP, you can apply for a refinance through your mortgage lender. The lender will then review your application and determine if you qualify for HARP.

There are several benefits to refinancing your mortgage through HARP. These benefits include:

Lower interest rates
Lower monthly payments
Shorter loan terms
No appraisal fees
No origination fees

If you are struggling to make your mortgage payments, HARP may be a good option for you. HARP can help you reduce your monthly payments and get your finances back on track.

To learn more about HARP, you can visit the Fannie Mae website or the Freddie Mac website.

Here are some additional details about HARP:

HARP is available to homeowners with all types of mortgages, including conventional loans, FHA loans, and VA loans.
HARP is not a government loan program. It is a program that is offered by Fannie Mae and Freddie Mac.
HARP is not a guarantee that you will be approved for a refinance.
If you are approved for a refinance through HARP, you may have to pay a higher interest rate than you would if you refinanced through a traditional loan program.

If you are considering refinancing your mortgage through HARP, it is important to weigh the benefits and risks of the program. HARP can be a good option for homeowners who are struggling to make their mortgage payments, but it is not the right choice for everyone.