HARP Loans

HARP Loans

How can the HARP Program help me financially?

Since its introduction back in 2009, the Home Affordable Refinance Program (HARP) has seen its fair share of changes. It was originally created to help offer relief after the housing market crash in 2006 that left many homeowners owing more on their mortgage than their property was worth. Thanks to a generous approval process and other key factors, a HARP Loan can help mortgage holders not only save money, but also achieve a loan-to-value ratio that no longer exceeds the value of their home.

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One of the most attractive highlights of the HARP Program's most recent iteration is the fact that there is no limit to the loan-to-value ratio for the mortgage a borrower wants to refinance. Previously, homeowners were restricted to ratios as small as 105% of the home value, and more recently the limit had been raised to 125% of the home's current market value.

Like many refinance options, the HARP program can help homeowners secure a better interest rate and lower monthly payments in addition to getting out from being underwater with their home loan. Additional perks for this program include the fact that minimal paperwork is required when compared to traditional home loans, and approval standards are more generous than other options available to borrowers today.

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HARP Loan Features

  • Streamlined Process

    HARP Loans feature a reduced amount of paperwork when compared to other loan types. Most notably, income verification is less stringent, and borrowers can be approved by displaying that they have saved 12 month's worth of mortgage payments.

  • No Loan-to-Value Limit

    Since the program's last update, HARP Loans no longer feature a limit to the amount an applicant can be underwater. Most recently, the limit was 125% of a home's value.

  • No Underwriting or Appraisals

    Unlike other loans, HARP Loans oftentimes feature a smoother process because they don't require underwriting for the loan or an appraisal of the property.

Key Information
  • Reduce Loan-to-Value Ratio
  • Secure Better Interest Rate
  • Make Lower Monthly Payments
  • No Loan-to-Value Limit
  • Program Deadline: September 30, 2017

IS A HARP LOAN RIGHT FOR ME?

Interested in learning more about HARP Loans and whether or not one may be a good option for you? The Lending360 team is here to help answer all of your questions and craft a plan that's specially built around you. Just click the button to get started!

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