The Home Affordable Refinance Program was established in 2009 to help homeowners who owed more than their home was worth refinance into a more affordable HARP loan. With refinancing guidelines and qualification requirements recently broadened, more Kansas City homeowners than ever are eligible to save money by refinancing at today’s all-time low rates.
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.
Advantages of HARP Loans
- Lenient Eligibility Guidelines Because HARP loans were specifically designed to help those homeowners struggling to keep up with their mortgage payments, HARP’s flexible qualification terms can help more residents afford their homes. With no equity or appraisal requirements, the allowance of a subordinated second loan, and accommodating underwriting requirements, HARP loans are an affordable choice for Kansas City homeowners who may not qualify for other loan options.
- Many Financial Savings HARP loans lower Kansas City homeowners’ monthly payments by not requiring PMI (Private Mortgage Insurance) as well as by having lower closing costs than other loan options. Homeowners also have the option of shortening their term when refinancing with a HARP loan, which allows you to quickly build equity in your Kansas City home.
- Quick Approval Process Since HARP loans are insured by the Home Affordable Refinance Program, they require fewer qualification documents, which means eligible homeowners can enjoy a quick and easy approval process.
HARP Loans with Golden Oak Lending Kansas City
Our Kansas City team is proud to be a qualified lender of HARP loans. With over 16 years of experience in the Kansas City real estate market, our professional loan experts ensure homeowners an efficient mortgage process that will secure your HARP loan at an incredible low rate. The recently expanded eligibility guidelines qualify more Kansas City residents than ever to refinance into an affordable HARP loan. Contact Golden Oak Lending Kansas City at our conveniently located Overland Park office to learn how HARP loans can save you money today!