What will happen to HARP?

Mortgage and Lending with Horizon Lending Services, LLC NMLS # 198754

The Home Affordable Refinance Program

Put into place by the Obama administration HARP (Home Affordable Refinance Program), is a federal program designed to assist homeowners in the refinancing of their home with the goal of attaining a lower interest rate. The federal government established this program with homeowners who have little equity in their homes or are upside down in their loan in mind. These homeowners typically cannot find lending elsewhere due to the depreciation of their property. If this sounds similar to your situation, it is time to consider HARP.


Homeowners with second mortgages and additional loans may also qualify if the program criteria is met. HARP does not require the homeowner to have mortgage insurance either, and the interest rates are typically between 6% and 8%.


The qualifications for this program are not as stringent as they are for similar loans.         

Though HARP has had its fair share of negative publicity over the last several years, the program is a sliver of light at the end of a dimly lit hallway for many American homeowners. Currently the criteria one must meet for these loans is as follows: First and foremost, the original loan must be dated prior to May 31st, 2009 and the current loan to value ratio must be higher than 80%. Mortgage payments must be maintained at a “current” status with no late payments, and the loan must be held by either Freddie Mac or Fannie Mae.


HARP loans can be obtained through your current mortgage holder, and the vast majority of lenders are well versed in the structural makeup of these loans, capable of answering any questions and helping to dispel any rumors. Lenders do not carry the same flat interest rates on these loans and one must shop lending houses for the best rates and terms.


While the HARP loan may not be suitable for all homeowners, it does serve a purpose that is admirable. Just like with any other major loan, it is wise to conduct as much research prior to agreeing to terms in any aspect. 


As of now, HARP looks to be safe until September 2017 with over 300,000 homeowners still qualified to refinance with HARP.


For more information on programs like HARP please visit horizonlendingservices.com


or feel free to call us today at 1-972-347-9224


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Will Nesbitt
Nesbitt Realty at Condo Alexandria - Alexandria, VA
Nesbitt Realty is a family-run brokerage.

Talk to (972) 347-9224 Pat & Sharon Mistowski Mortgage and Lending with Horizon Lending Services via Prosper, TX.

Feb 03, 2017 11:45 AM #1
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Pat & Sharon Mistowski

Horizon Lending Services, LLC
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