HARP is a loan refinance program through Making Home Affordable (MHA) by the Departments of the Treasury and Housing and Urban Development (HUD). It is designed to help homeowners with good payment history but who are experiencing difficulty refinancing since the price of their real estate has dropped below the balance of their loan. Home Affordable Refinance Program (HARP) details for the NH area is offered in this blog.

Home Affordable Refinance Program (HARP) Details For The NH Area

HARP is an important option for homeowners who may have no other refinance option or who may otherwise run the risk of foreclosure. It not only provides the opportunity to refinance at reduced interest rates but also to remove mortgage insurance. These two factors can dramatically lower monthly mortgage payments. There are closing fees involved which vary from one lender to the next. Some charges may be rolled into the loan to limit up-front cash required to close. HARP is an important program that has already helped many homeowners.

Who Qualifies for HARP

Homeowners interested in HARP must first meet a few basic requirements. This is for informational use only and does not in any way guarantee approval for a loan.

  • You must be current on your mortgage.
  • You must have made payments on time during the last year.
  • Your loan must be guaranteed by Fannie Mae or Freddie Mac. Note that this is different from the company that services your loan.
  • The mortgage must have been bought by Fannie Mae or Freddie Mac on or before May 31, 2009.
  • The loan company for the refinance must be approved by Fannie Mae or Freddie Mac.
  • Your mortgage amount must be higher than 80 percent but less than 125 percent of the market price of the home.
  • You must complete the process before December 31, 2013.

First Steps to Take Advantage of HARP

If you are unable to refinance using traditional means and would like to evaluate the HARP alternative, there are a few steps that you should take. You must first identify whether your current loan is owned by Fannie Mae or Freddie Mac and if so, if it originated prior to the May 31, 2009 cut off. Call the mortgage company servicing your loan to find out this information. Then contact a company approved by Fannie Mae or Freddie Mac for the refinance. Depending on your loan type, you may not need not use the existing mortgage company, although you have the option to do so if they are an approved company. You will be asked to start a formal mortgage application and be subject to the approval process. After the mortgage company reviews the your financial paperwork, the details of the current loan, and the property specifics, they will let you know whether the loan is approved.

Contact Donna DuFour at Accurate Title via phone at 800-639-4405 or email info@accuratetitle.com for further Home Affordable Refinance Program (HARP) details for the NH area or to start your refinance.