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After any crises, there will always be a silver lining at the end. When the 2008 economic crisis occurred and the bubble exploded, there were many people that lost their properties, which scared potential new investors away from the real estate market.
However, the Home Affordable Refinance Program (HARP) was set into motion in 2009, being part of the economic stimulus program.
The rules where simple: in order to qualify for HARP, you must have a Freedie Mac or Fannie Mae support. Then, they investors must have a 125% loan-to- value on their houses, and a really strong mortgage payment history. Regardless of this, less than a million households used HARP on its first two years. This occurred because of the 125% loan to value house price, which reduced people who were qualified to use this refinance system. Being aware of this, the government created HARP 2.0 and the 125% loan to value house restriction was gone. This helped owners in places such as Florida or California. Nine years after its creation, we will answer some of the most common questions- myths- regarding the HARP refinance program. The government is putting a great effort on trying to make buyers be aware or HARP 2.0, given that the majority of the target audience for this program does not even know of its existence.
1. Can I refinance with HARP if I have a second mortgage?
Indeed you can, but be very careful with a mixed payment according to the HARP rules. You can use the HARP program on the first mortgage. But it´s probable that your second mortgage lender subordinates the other mortgage.
2. Can I refinance with HARP even though I have no equity in my home?
Well, of course you can! This program was specifically made for that. You can use the HARP refinance program even if you´re underwater with the mortgage payment.
3. I was already turned down for HARP once. Can I actually apply for HARP again?
You can give it a second try using another bank. So don´t be shy and apply again until you´re accepted in the HARP
4. Can I refinance my home via HARP even though it's not my primary residence?
The HARP program does not make such distinctions between residences, if it´s a house of any occupancy type, then you can put it in the HARP program.
5. If my lender doesn't offer HARP, can I apply with another bank instead?
We know that not all lenders offer HARP, but we´re trying real hard on expanding the HARP program.
6. Can I use HARP even though I am not behind on my mortgage payments?
It isn´t mandatory to be underwater on your payments. Remember that HARP was not made for the foreclosure issue but for the investing one.
7. Can I use HARP even though my loan has private mortgage insurance?
Yes, you can use HARP 2.0 for existing loans with Private Mortgage Insurance.
Posted by Randy Blakeslee
However, the Home Affordable Refinance Program (HARP) was set into motion in 2009, being part of the economic stimulus program.
The rules where simple: in order to qualify for HARP, you must have a Freedie Mac or Fannie Mae support. Then, they investors must have a 125% loan-to- value on their houses, and a really strong mortgage payment history. Regardless of this, less than a million households used HARP on its first two years. This occurred because of the 125% loan to value house price, which reduced people who were qualified to use this refinance system. Being aware of this, the government created HARP 2.0 and the 125% loan to value house restriction was gone. This helped owners in places such as Florida or California. Nine years after its creation, we will answer some of the most common questions- myths- regarding the HARP refinance program. The government is putting a great effort on trying to make buyers be aware or HARP 2.0, given that the majority of the target audience for this program does not even know of its existence.
1. Can I refinance with HARP if I have a second mortgage?
Indeed you can, but be very careful with a mixed payment according to the HARP rules. You can use the HARP program on the first mortgage. But it´s probable that your second mortgage lender subordinates the other mortgage.
2. Can I refinance with HARP even though I have no equity in my home?
Well, of course you can! This program was specifically made for that. You can use the HARP refinance program even if you´re underwater with the mortgage payment.
3. I was already turned down for HARP once. Can I actually apply for HARP again?
You can give it a second try using another bank. So don´t be shy and apply again until you´re accepted in the HARP
4. Can I refinance my home via HARP even though it's not my primary residence?
The HARP program does not make such distinctions between residences, if it´s a house of any occupancy type, then you can put it in the HARP program.
5. If my lender doesn't offer HARP, can I apply with another bank instead?
We know that not all lenders offer HARP, but we´re trying real hard on expanding the HARP program.
6. Can I use HARP even though I am not behind on my mortgage payments?
It isn´t mandatory to be underwater on your payments. Remember that HARP was not made for the foreclosure issue but for the investing one.
7. Can I use HARP even though my loan has private mortgage insurance?
Yes, you can use HARP 2.0 for existing loans with Private Mortgage Insurance.
Posted by Randy Blakeslee
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