The Making Home Affordable Refinance Program (HARP Phase II) is a government backed mortgage program that allows most borrowers with existing Fannie Mae and Freddie Mac loans to refinance their homes even if they owe more than their home is worth, have an adjustable rate mortgage, have been turned down for a refinance loan or loan modification in the past, or just can't afford their mortgage payment anymore.
HARP Phase II's goal is to help you stay in your home by making it more affordable for you to continue to make your monthly mortgage payments and keep your dreams of affordable home ownership alive.
What are the benefits of a HARP Loan?
- A lower monthly mortgage principal and interest payment
- A lower interest rate
- A shorter amortization term (a loan for fewer years); or
- A more stable mortgage product; for example, movement from an ARM to a fixed-rate mortgage.
So if you're looking for a lower interest rate, a fixed mortgage, a lower payment, or a better mortgage then refinancing your home through the Making Home Affordable Program might be just the right answer for you.
Who is eligible for a HARP loan?
You may be eligible for HARP if you meet all of the following criteria:
1. Your mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae.
2. Your mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009
3. You must be current on the mortgage at the time of the refinance, with a good payment history in the past 12 month.
To find out if you qualify, and how much you can borrow based on your income and debts, call Corey at 207-400-7750 or contact via email by clicking here.