HARP Loans, from the Home Affordable Refinance Program, were set to expire last December, but the Federal Housing Finance Agency recently moved the deadline to September 2017 to help bridge the gap for borrowers with high loan-to-value ratios before they create a new refinance option in October 2017.
“We extended HARP to ensure there were not gaps in access to credit so that these homeowners would continue to have an option to refinance,” says FHFA special adviser Megan Moore.
What does this mean for you? If you qualify for a HARP Loan, it could be huge.
HARP is a program designed to help homeowners who are underwater on their mortgages dig their way out. That means, if you owe more money for your home than the home is worth, HARP will help you balance that.
Even if you have low equity, you can still refinance with HARP without having to pay PMI, or Private Mortgage Insurance. This is a large savings going forward. Combine that with low mortgage rates and uncertainty going forward, and it’s time to make sure that you’re qualified and refinance.
Make sure that you meet the following criteria:
- You have a Freddie Mac or Fannie Mae mortgage. (Ask your mortgage lender or look at the sites for Freddie Mac or Fannie Mae.)
- Have a Loan-to-Value of 80% or more.
- No mortgage delinquencies in the last 6 months, or no more than one in the past 12.
- You got your mortgage before or on May 31, 2009.
If you qualify, now is the time to strike. Dig yourselves out of a bad situation and refinance with HARP before it disappears.
If you qualify for a HARP loan and are ready to refinance, call us in St. Louis at (314) 781-9700, Chicago at (773) 770-4727, Indianapolis at (317) 550-1515 and Nashville at (615) 810-8555. You can always apply online at www.thehomeloanexpert.com, and we’re also open on Saturdays to better serve you. We work hard to make it easy on you. Nobody gets lower rates on better loans than The Home Loan Expert, Ryan Kelley, why go anywhere else?