HARP stands for Home Affordable Refinance Program.
HARP is a financial aid program that was introduced by the United States Federal Government in 2009 to help homeowners who are underwater, which means there is zero — or negative — equity in their home to refinance their mortgage.
If you are a Texas homeowner who is underwater on your existing conforming or conventional mortgage, you may be eligible for a refinance without paying down any principle, without paying mortgage insurance, and in many cases, without spending any money out-of-pocket.
HARP 2.0 – Help For Texas Homeowners
The modified HARP program – HARP 2.0, also referred to as The Making Home Affordable Program, the DU Refi Plus Program, and/or the Obama Refi Program – is specifically targeted towards Texas homeowners having a loan-to-value ratio less than 125 percent.
However, an additional guideline change to HARP 2.0 actually lifted the loan-to-value restrictions. So, Texas borrowers with a loan-to-value ratio even greater than 125 percent can now apply to this program.
HARP 2.0 gives Texas homeowners the ability to refinance at today’s low mortgage rates without private mortgage insurance, exorbitant closing costs and fees, and in most cases without an appraisal. If you have been turned down before for this program, you will certainly want to re-apply for HARP 2.0.
In order to qualify for HARP assistance, the basic eligibility requirements are:
1. Your loan must be backed by Freddie Mac or Fannie Mae
2. Freddie or Fannie should have bought your mortgage prior to June 1st, 2009.
Determine If Your Loan Is Backed By Fannie Mae or Freddie Mac
Unfortunately, Texas homeowners rarely know who their mortgage loan belongs to. Homeowners receive their monthly statements and make their monthly payments to their mortgage servicer. This is usually not the company that provided the funds originally to make the loan.
You can check the lookup forms on the Fannie Mae and Freddie Mac web sites. However, keep in mind that these web forms are not always accurate as the address would have to be exactly the same as was recorded with Fannie Mae or Freddie Mac. You can also call us at GLS Mortgage Services to help you.
Click Here To Check Fannie Mae | Click Here To Check Freddie Mac | Payment Reduction Estimator Tool
