In an effort to help stabilize the housing market, the government developed a program called HARP to help homeowner’s who either do not have enough equity for a traditional refinance, or who are having problems making payments on their current mortgages. (HARP is the acronym for the Home Affordable Refinance Program. )
In our current economy many homeowners have tried to refinance their mortgage but are not succeeding for many reasons. You may have heard about the existence of government programs aimed at helping home owners who cannot take advantage of low mortgage rates, because they don’t qualify to refinance their mortgage. This “Harp loan program” may be an opportunity for property owners with mortgages owned by either Fannie Mae or Freddie Mac.
The rules of the HARP and all of the other government programs seem to change their rules and criteria and are difficult to keep up with. And you should be aware that a number of the government programs for the housing market have been a lot of press and not much action. Also not all home owners will fall into the HARP guidelines nor be able to take advantage of this program. But it certainly may be worth your time to check it out and see.
If you want to explore if you would qualify for the HARP program, we work with a lender who is on top of this program — as well as other loan programs. Here is a link to his blog post along with a form you can fill in to request that he look at your particular situation and see if you can qualify.
When you fill out the form (link above), be sure to tell Eddie that Benjamin Realty LLC sent you over to talk with him.