What Is The HARP Program?
For home owners looking to refinance and lower the interest rates on an “underwater” mortgage in New York, the HARP Program may be just the opportunity they are looking for. The acronym stands for Home Affordable Refinance Program and it has helped thousands of home owners across the country save their homes and get a lower interest rate.
An underwater loan occurs when the loan on the property is at or above 100% of the properties value, which is known as the Loan to Value Ratio. When the HARP program was first created the cap was 125%, which meant loans had to be less than 25% underwater. The cap has been lifted and the program has been flooded with applicants.
Some requirements to be met are the payments must be current, but the home owner may have one late payment on their record that occurred at least six months before applying for a HARP refinance.
The mortgages that were owned or guaranteed by Fannie Mae or Freddie Mac and entered into before May 31, 2009 were the original specifications for the program. Due to the large number of home owners taking advantage of the current low interest rates to get out from under massive monthly payments.
Contact us to see if you qualify for Home Affordable Refinance Program in New York. Email us or call us at (800)842-2910.