HARP, the acronym for Home Affordable Refinance Program, is a financial aid program announced by the US federal government in 2009 to help millions of homeowners who are either near-underwater or underwater (means you have zero - or even negative - equity in your home) to refinance into a fixed loan with lower monthly payments.
HARP 2.0 - Help For Texas Home Owners
The modified HARP program - HARP 2.0, also referred to as The Making Home Affordable Program, the DU Refi Plus Program, and/or the Obama Refi Program - is specifically targeted towards Texas homeowners having a loan-to-value ratio less than 125 percent.
However, an additional guideline change to HARP 2.0 actually lifted the loan-to-value restrictions. So, Texas borrowers with a loan-to-value ratio even greater than 125 percent can now apply to this program.
HARP 2.0 gives Texas homeowners the ability to refinance at today's low mortgage rates without private mortgage insurance, exorbitant closing costs and fees, and in most cases without an appraisal. If you have been turned down before for this program, you will certainly want to re-apply for HARP 2.0.
In order to qualify for HARP assistance, the basic eligibility requirements are:
1. Your loan must be backed by Freddie Mac or Fannie Mae
2. Freddie or Fannie should have bought your mortgage prior to June 1st, 2009.
Unfortunately, Texas homeowners rarely know who "owns" their mortgage loan. Normally, homeowners receive their monthly statements, and make their monthly payments, to their mortgage servicer. This is usually not the company that provided the funds originally to make the loan.
You can check "lookup" forms on the Fannie Mae and Freddie Mac web sites. However, keep in mind that these web forms are not always accurate as the address would have to be exactly the same as was recorded with Fannie or Freddie.
Click HERE to Have Us Check Your HARP Eligibility
and to Request a FREE, No-Obligation HARP Rate Quote
Still Having Questions? Click HERE for more information.
Richard Smith 832.887.1300
HARP Program Specialist
Email: richardswf@gmail.com
Phone: 281-994-4240
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