Home Affordable Refinance Program (HARP)
If your mortgage balance is greater than your home's current value, a HARP loan program may be right for you.
If you're not behind on your mortgage payments but have been unable to get traditional refinancing because the value of your home has declined, you may be eligible to refinance through the Home Affordable Refinance Program (HARP). HARP is designed to help you get a new, more affordable, more stable mortgage.
- The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae.
- The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
- The mortgage cannot have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009.
- The current loan-to-value (LTV) ratio must be greater than 80%.
- The borrower must be current on the mortgage at the time of the refinance, with a good payment history in the past 12 months.
- HARP 2.0 is now extended through the end of 2013.
- New appraisals may not be needed to qualify.
Contact American Financing at (866)-750-6551 or complete the online application and let our expert team guide you through the FHA loan process.
Sample Calculation - $200,000 Loan
Mortgage Insurance Rates Reduced
Monthly mortgage insurance at .55 percent, under FHA Streamline program, decreases $90.93, saving $107.47/month, up to $11,805.11 over the life of the loan.
American Financing is not acting on behalf of or at the direction of HUD/FHA or the Federal Government.
American Financing is a Direct FHA Endorsement Lender
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