HARP Loans

How A HARP Loan May Help You

HARP stands for the Home Affordable Refinance Program. It was created by the Federal Housing Finance Agency for the specific purpose of helping homeowners who had a high loan to value ratio in excess of 80%. The HARP loan allows people to refinance their home, at a lower interest rate and not have to pay Private Mortgage Insurance (PMI).

For example: Lets say you bought your home for $160,000, but due to market decline it’s now worth $100,000 and, you still owe $120,000 on the home. In this situation, you as the homeowner have a Loan To Value Ratio of 120%. Under other loan programs, you’d be required to pay the PMI - Private Mortgage Insurance fee which would add more costs to the loan and increase the payment which could cause you not to qualify for refinancing.

If you’re in a similar situation, the HARP loan program may be a good solution for you.

Check to see if you meet these basic requirements:
  • Are you current on your mortgage with no 30+ day late payments in the last six months and no longer than the past 12 months?
  • Is this your primary residence or investment property?
  • Is your current home loan owned by Freddie Mac or Fannie Mae?
  • Was your loan originated on or before May 31, 2009?
  • What is the current LTV (Loan To Value) ration of your home? It must be more than 80%.

If you meet these requirements give us a call today.

We Are Your Local HARP Loan Experts!

Call 760 241 7620 To Speak With An Construction Loan Consultant

Click Here to set appointment or request more information

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