HARP: Home Affordability Refinance Program

The Low Down on HARP by Guaranteed Rate

You most likely have heard of the HARP program before, but like most people, you may be unclear about if you qualify – or even HOW to qualify.

Well that’s where your friends at Guaranteed Rate come in! Not only have we created a free, easy-to-understand eBook all about HARP for you to take a look at, but we’ve also broken down exactly what you need to know about HARP below!

The Low Down on HARP by Guaranteed Rate

HARP History
HARP 1.0 was initiated in 2009 to assist homeowners who have not been able to take advantage of low rates due to under-valued homes. However, it was found to disqualify many homeowners so in March 2012, HARP 2.0 was released which extended the program’s reach to four million homeowners.

In an effort to bring relief to even more homeowners, the administration has put HARP 3.0 in the laps of congress for approval. If the pending legislation is approved, HARP 3.0 will offer relief to twelve million or more homeowners! Learn more about how HARP 3.0 might help you here.

HARP 2.0 Facts
Below are simply facts about HARP 2.0. If you still don’t fit into the HARP box, don’t fret, HARP 3.0 could be well on its way.

Just the facts:

  • Your mortgage must be owned by Fannie Mae or Freddie Mac
  • Your Note date (typically the day you closed) must be dated on or before May 21, 2009
  • While HARP can only be used once, if you refinanced using HARP Fannie Mae between March-May 2009, you are allowed to use HARP again
  • Your loan-to-value must be greater than 80 percent
  • You cannot have any late mortgage payments within the last twelve months
  • HARP 2.0 expired December 31, 2015.

There are no loan-to-value restrictions. While Fannie and Freddie have no restrictions many (if not all) lenders have their own. For more information about this and HARP facts, download our HARP eBook here.

HARP 3.0 Sneak Peeks
While legislation is currently pending, if passed, HARP 3.0 might offer:

  • Your mortgage down not have to owned by Fannie or Freddie
  • Your loan-to-value must be greater than 80 percent
  • You cannot have late mortgage payments within the last six months
  • Jumbo loan mortgages in high-cost areas are okay

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