HARP Loans were released April, 2009 by Fannie Mae and this is a new refinance program. It stands for Home Affordable Refinance Program.

This new program good until June 2010, allows home owners to qualify for the now low mortgage interest rates.

Many home owners have lost value in their homes over the last few years and because the value has gone down they were not eligible to refinance Their LTV or Loan to Value does not allow them qualify for a conventional mortgage.

As with every home loan there are requirements. Some of the major points are:

1. Property can be 1 to 4 units for a primary residence.

2. Current mortgage loan must be owned Fannie Mae or Freddie Mac

3. Monthly Mortgage Payments must be up-to-date

4. Loan-to-value (LTV) can be no more than 105%


This may be a great option for you if you are planning on staying in your current home for several more years. This is not a good idea if you plan to sell the home in the next 2 years and you have refinanced for near 100% or more. This can help you cut the budget and help you live more comfortably if you plan to stay in the home. Feel Free to contact us at www.TheCarolinaCrew.com for more information.