what is a harp loan?

You can use HARP 2.0 for loans with existing private mortgage insurance (PMI). This is a change from HARP 1.0 and applies to loans with both borrower-paid mortgage insurance (BPMI) and lender-paid.

The original HARP program had a number of requirements that made qualifying difficult, including the amount by which you could be underwater on a mortgage, which was set at only 5 percent (i.e. your.

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A HARP loan is a mortgage product that lets you reduce the principal of your loan to match your home’s current market value. See if you qualify for a HARP loan.

To qualify for a HARP refinance, Hosterman says your current loan must be a Fannie Mae- or Freddie Mac-backed mortgage. You can enter your loan information (your name, address and the last four digits of your social security number) into Fannie Mae Loan Lookup or Freddie Mac Loan Look-Up tools to determine its status.

fha versus conventional loan An FHA loan is a mortgage issued by an FHA-approved lender and insured by the federal housing administration (fha). Designed for low-to-moderate income borrowers, FHA loans require a lower minimum.

We put zero dollars down, and now five years later the balance on the loan is $134,000. We’re interested in doing a HARP refinancing but don’t want to have to put anything down at closing. Do we have.

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Fannie Mae and Freddie Mac created HARP in 2009 to provide homeowners – with solid mortgage payment histories but large equity losses in their houses because of the recession – with refinancing.

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The Home Affordable refinance program (harp) is a federal program of the United States, set up by the Federal Housing Finance Agency in March 2009, to help underwater and near-underwater homeowners refinance their mortgages.