HARP, short for the Home Affordable Refinance Program, is a terrific program for Nashville homeowners to use. This loan program has given us the ability to refinance homes for thousands of homeowners. They can lower their payments, take years off of the loan, or just lock in a fixed rate. HARP loans were created as a federal program to give homeowners that have their loans through Freddie Mac and Fannie Mae the chance to get an affordable home loan, to keep them from losing their home. In Nashville, having Ryan Kelley, The Home Loan Expert refinance your HARP loan is easy, as we follow a system that we have polished over the years of extensive work to be the best in the industry.
The HARP Loan program started in March of 2009, created by the Federal Housing Finance Agency to assist underwater home owners and borrowers that are behind on their loans, and are in danger of being foreclosed upon. Families that were unable to get out from under the loans because of the plummeting home values caused by the housing market crash of 2007. This didn’t sit well with those who had stayed current on their loans, and made the payments on their homes, no matter the higher rates. This led to the December, 2011 implementation of HARP 2.0, which gave borrowers who WEREN’T in trouble on their loans an opportunity for lower loan rates. The requirements also lessened, allowing homeowners who owed more than 125% to refinance without Private Mortgage Insurance. The mortgage lender was now guaranteed to not be held for fraud on the original loan, which led to more lenders signing up for the program. More often than not, we close Music City HARP loans without even needing an appraisal at all.
Whether you’re looking to purchase a new home or refinance one in Nashville, Franklin, Clarksville, Merfreesboro, Charlotte, Dickson, Gallatin, Kingston Springs, Lebanon, Watertown and the surrounding areas of the Music City, call or visit us online.
The Home Loan Expert