refinance underwater mortgage not eligible for harp

refinance underwater mortgage not eligible for harp

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HARP & HAMP Extended Through 2016 If you pay your mortgage on time, you may be able to refinance even if you are among the approximately 22% of mortgage holders in the U.S. who are underwater, have been turned down by multiple.

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Applications for mortgage. were not fully implemented by most lenders until mid-March, due in large part to the need to upgrade underwriting software used to process refinance applications..

BREAKING DOWN Home Affordable Refinance. mortgage payments and the property must be in good condition. Borrowers who had already defaulted or had vacated their properties are not eligible for the.

As its name implies, HARP loans are only available for refinancing residential (home) mortgages. You cannot refinance commercial property through HARP. Furthermore, large-scale residential units will not be eligible, either. To qualify for HARP, your real estate must be one of the following: Your Primary Residence; A Single-Unit Second Home

The HARP program is also known as the Obama Refinance Program, or Obama Mortgage, as it was put in place by President Barack Obama’s administration. If you are not behind on your payments, but cannot obtain refinancing through traditional means because your home is worth less or you are underwater, you may be eligible for a HARP refinance.

 · The Home Affordable Refinance Program (HARP) is a federal refinance program targeting underwater homeowners. First announced in March 2009, HARP is designed for homeowners who are current on their mortgage payments, but who haven’t been able to refinance because they have limited equity, no equity or negative equity in their homes.

The new programs, one each from Fannie Mae and Freddie Mac, will eventually replace HARP, the Home Affordable Refinance Program. Established in 2009, HARP is currently the only option for refinancing an underwater or low-equity conventional mortgage. Until recently, HARP was set to expire on Oct. 1 but has been extended to December 2018.

An underwater mortgage is unfortunate, but it isn’t a hopeless situation. Refinancing could save you hundreds on your monthly mortgage payments, letting you turn your negative equity into positive equity. If you’re eligible, why wait to talk to a lender? Just be sure to shop around when you embark on your refinance mortgage.

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