New Harp Program 2019: What You Need to Know
What is the Harp Program?
The Harp Program, or Home Affordable Refinance Program, is a federal government program that aims to make mortgages more affordable for homeowners. The program was created in 2009 and has since been updated in 2019 to allow more homeowners to qualify.
Who Qualifies for the Harp Program?
To be eligible for the Harp Program in 2019, homeowners must meet the following criteria:
- Have a loan that is owned by Fannie Mae or Freddie Mac
- Have a loan that was taken out before June 1, 2009
- Have a loan-to-value ratio of 80% or higher
- Have a good payment history for the last 12 months
How Does the Harp Program Work?
Once a homeowner is approved for the Harp Program, they are able to refinance their mortgage at a lower rate. This can help them save money on their monthly mortgage payments, as well as lower their overall debt.
What Are the Benefits of the Harp Program?
The Harp Program offers a number of benefits to homeowners, including:
- Lower monthly payments
- Lower interest rates
- No appraisal or paperwork needed
- No fees or closing costs
- The opportunity to switch to a fixed-rate loan
How Can Homeowners Apply for the Harp Program?
Homeowners can apply for the Harp Program by visiting the official website at www.harp.gov. They will need to provide information about their mortgage loan, as well as their personal information. Once they have submitted their application, they will be notified of their eligibility within a few days.