Editor’s note: The HARP program, designed to help homeowners who owed more than their homes were worth, expired Dec. 31, 2018. There are many good options for home appraisals and refinancing for homeowners who are underwater on their mortgage.
There have been a lot of changes with HARP since its inception in 2009. Today, more people qualify for HARP, and it’s easier to refinance.
HARP has made it possible for a lot of people to refinance their homes and save money every month.
If you have not refinanced since interest rates hit their lows, you could save money every month by refinancing your home mortgage. And if you qualify to refinance under HARP, refinancing your home could be easier than you think.
Important 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. Previous loan-to-value limits were set at 125 percent.
- No appraisals or underwriting
Most homeowners will not have to get an appraisal or have their loan underwritten, making their refinance process smoother and faster.
- Modified fees
Certain risk-based fees for borrowers who refinance into shorter-term loans have been reduced.
- Less paperwork
Lenders now need less paperwork for income verification, and have the option of qualifying a borrower by documenting that the borrower has at least 12 months of mortgage payments in reserve.
- Extended deadline
The end date to get a HARP refinance has been extended to December 31, 2015.
Marimark Mortgage is based in Tampa, Florida, and serves the mortgage needs of homebuyers, homeowners, and investors in Florida, Virginia, and Pennsylvania.
We specialize in mortgages for first-time homebuyers, conventional home mortgages, refinance loans, reverse mortgages, and FHA, VA, and USDA mortgage options. In addition, we’ve worked extensively with cash-out refinancing and help clients to lower their monthly mortgage payments.