HARP Loans are made available via The Home Affordable Refinance Program (HARP), a federal government program that enables qualified homeowners with government-backed mortgages to refinance at today’s low rates.
The program was first introduced in 2009 and was designed to help homeowners who owed more than their home was worth to refinance into a more affordable mortgage. In November of 2011, refinancing guidelines were broadened by the federal government to make more homeowners eligible.
HARP Loan Requirements
- Your mortgage must be owned or guaranteed by Fannie Mae or Freddie Mac
- You do not have an FHA, VA or USDA loan
- The current loan-to-value ratio on your mortgage must be greater than 80 percent
- You have no missed mortgage payments in the past six months
- You have no more than one missed mortgage payment in the past 12 months
HARP Loan Benefits
- No equity required
- No appraisal required
- No mortgage insurance
- Reduced documentation
- Flexible underwriting guidelines
- Subordination of 2nd mortgage OK
- Lower closing costs than other loans
- Equity built faster by shortening your term
Golden Oak Lending is proud to be a qualified lender of HARP loans. We offer the lowest rates combined with professional experience to bring you a hassle-free mortgage process.
If you are interested in how HARP can help save you money, contact Golden Oak Lending today - it only takes a few minutes to find out if you can save money!