Home Affordable Refinance Program
Loans
Even if your home is "underwater" you may be able to refinance
and lower your monthly payments!
The Home Affordable Refinance Program (HARP) is a federal
government program that enables qualified homeowners with
government-backed mortgages to refinance at today's record low
rates.
HARP is available through participating lenders such as New Penn
Financial. In addition, New Penn Financial is one of
the few companies able to offer the HARP program to homeowners who
may have Mortgage Insurance on their existing
mortgage.
Introduced in 2009, the program was designed to help homeowners
who owed more than their home was worth to refinance into a new
affordable, more stable mortgage. The federal government broadened
refinancing guidelines in November 2011 in order to make more
homeowners eligible. Even those who did not qualify in the past
might be eligible with today's HARP:
HARP restrictions loosened
- The "ceiling" requirement that homeowners owe no more than 125
percent of their home's worth was eliminated
- Some fees were eliminated
- The deadline for refinancing was moved to December 31,
2013
An overview of homeowner requirements
- Your mortgage must be owned or guaranteed by Fannie Mae or
Freddie Mac
- You do not have an FHA, VA or USDA loan
- The current loan-to-value ratio on your mortgage must be
greater than 80 percent
- No missed mortgage payments in the past six months
- No more than one missed mortgage payment in the past 12
months
Find out if you're eligible
If have been unable to refinance because the value of your home
has declined, you may be eligible to refinance through HARP.
Call 888-673-5521 to see if you qualify for a HARP refinance
loan and get a personalized rate quote.
Don't miss this once in a lifetime opportunity!
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