Harp

How do I know if I qualify?
Easiest way – Call us and we’ll do the research for you.

Here are a few things it’s based on:
Fannie Mae or Freddie Mac must be holding you loan.
You must have closed your loan on or before May 31, 2009.
Your current loan for less than $417,000
Your loan is for greater than 80% of your home value.
When you plan to refinance with HARP, ALL of the following statements must be true?
Your current home loan payments.
You have not made a late payment within the past 6 months.
You have not made more than one late payment in the last 12 months.

How will the HARP program change?
Some of the major changes to the HARP program include:
No underwater limits. Borrowers will now be able to refinance regardless of how far their homes have fallen in value.
Most homeowners will not have to get an appraisal or have their loan underwritten, making their refinance process smoother and faster.
Certain risk-based fees for borrowers who refi into shorter-term loans will either be eliminated or modified.

What is the Home Affordable Refinance Program (HARP)?
Announced in March 2009, HARP is a federal government program designed to help 5 million underwater or near-underwater homeowners refinance into a fixed loan with a lower monthly payment. However, as of Aug. 31, only 894,000 borrowers have refinanced through HARP. On Oct. 24, 2011, President Obama announced an overhaul to the HARP program with the intent of reaching more underwater homeowners. The expanded HARP program – also referred to as HARP 2.0 – will take effect on December 1, 2011 for borrowers with a loan-to-value ratio of less than 125 percent and in the first quarter of 2012 for borrowers with a loan-to-value ratio of greater than 125 percent.

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For immediate assistance call our office at 262.255.2000 or 608.227.2000