Home Affordable Refinance Program (HARP)

Home Affordable Refinance Program, HARP, is a unique program that enables borrowers who owe more than their home is worth to take advantage of low interest rates and other refinancing benefits. HARP helps homeowners who thus far have been unable to refinance their current mortgage loan due to not enough home equity, too low of a credit score or not enough reported income to qualify. This means many people who previously could not refinance their mortgage will now have that opportunity.

It is no secret that interest rates are at historic lows and many people have already refinanced into fixed-rate mortgages in the 3%’s and 4%’s. This program is designed to help those with Fannie Mae or Freddie Mac loans originated before 05/31/2009 (if you have a Conventional Mortgage it is likely to be owned by Fannie or Freddie).  More details about the expanded HARP program will be released by the Federal Government soon.  Those of us in the mortgage industry are hopeful that this will help millions of American homeowners, many right here in Wisconsin.  I will keep you posted as details unfold.  In the meantime please don’t hesitate to call or email me if I can be of help to you.

Best regards,

Michael A. Zilli