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Over 3.4 million homeowners saved by
refinancing with HARP®, now new programs are available
HARP program has expired on December 31, 2018. To ensure that high LTV borrowers who are eligible for HARP program continue to have a refinance option the Federal Housing Agency (FHFA) launched new programs:
New programs are essentially an extension of HARP but with different names and slightly different requirements. Through new programs, homeowners can get a lower interest rate (which means less out-of-pocket costs each month), get a shorter loan term, or change from an adjustable to fixed-rate mortgage. There’s no minimum credit score needed, either.
Next: Verify your eligibility
The new program enables borrowers who have experienced a decline in the value of their home and who have an LTV that exceeds the maximum allowed for other refinance products to refinance into more affordable mortgages. High LTV Refinance Option will allow you to refinance even if you owe more than the home is worth.
Verify your High LTV Refinance Option eligibility
The Freddie Mac Enhanced Relief Refinance℠ Mortgage provides opportunities to borrowers with existing Freddie Mac mortgages who are making timely payments, but are unable to take advantage of the standard Freddie Mac "no cash-out" refinance offering because the new mortgage exceeds maximum loan-to-value (LTV) limits.
Verify your Enhanced Relief Refinance eligibility
If you are current on your mortgage; have a mortgage that is owned by Fannie Mae or Freddie Mac, and owe as much or more than your home is currently worth, you may be eligible for new refinancing programs. Borrowers must benefit from the refinance in at least one of the following ways:
New HARP replacement programs are availiable in 2019.
$2,974*
per year
By refnancing to a mortgage with a lower interest rate, you could pay less each month and over the life of the loan.
Today’s market rates are more than 30% lower than in 2008
By switching from a 30-year to a 15-year loan, you’ll build equity
If you qualify to refinance your mortgage through Enhanced Relief Refinance Mortgage or High LTV Refinance Option, you’ll go through an application, approval and closing process (similar to when you got your original mortgage). A lender will work with you through every step, and will help determine if programs meets your specific needs. Outlined below are the steps to get started.
Verify if you are eligible for High LTV Refinance Option or Enhanced Relief Refinance programs, using Verification tool online.
Make sure you have your basic financial and loan information on hand when you call your mortgage company. You’ll need:
Find a list of lenders who work with new programs at one of these pages. Tell them you are interested in refinancing, and you want to see if you qualify for.
If your lender determines that you do qualify, they will guide you through the application, approval and closing process.
Find High-LTV refinance lenders in your state.
Use Free online Verification tool to see your eligibility for High-LTV or Enhanced Relief Refinance program.
