The Home Affordable Refinance Program allows you take advantage of current market rates even if you are “underwater”.
The Federal Government’s Home Affordable Refinance Program or HARP was started in 2009 to help borrowers who owe more on their mortgages than their homes are currently worth. While HARP I was able to assist some borrowers, the requirements of the program left far too many homeowners out. As a result FHFA, Fannie Mae, Freddie Mac, lenders, servicers and private mortgage insurers have been engaged in an industry-wide effort to find ways to increase the number of homeowners who are able to refinance through HARP.
HARP Phase II took effect March 15th 2012 and makes it possible for more homeowners with Fannie Mae or Freddie Mac owned mortgages to refinance at historically low interest rates. Now those homeowners who find themselves “underwater” with an 80% or greater loan to value (LTV) ratio finally may be able to refinance for a lower rate. There is no longer a limit on the loan-to-value ratio. This means that it does not matter what your home is worth.
Harp Phase II has also eliminated the need for a new property appraisal when a reliable Automated Valuation Model (AVM) is available.
The first thing we need to do to see if YOU qualify is find out if your loan is currently owned by Fannie Mae or Freddie Mac.
Call 800-644-3327 today and we’ll qualify you in just five minutes! Or, if you prefer, complete the form to the right and we will contact you directly. Don’t miss this opportunity to take advantage of some of the lowest interest rates ever. Now it’s your turn…don’t miss it.
- Freddie Mac and Fannie Mae have adopted changes to the Home Affordable Refinance Program (HARP) and you may be eligible to take advantage os these changes.
- If your mortgage is owned or guaranteed by either Freddie Mac or Fannie Mae, you may be eligible to refinance your mortgage under the enhanced and expanded provisions of HARP.
- You can determine whether you mortgage is owned by either Freddie Mac or Fannie Mae by checking the following web sites: http://www.freddiemac.com/mymortgage or http://www.fanniemae.com/loanlookup . Or by calling us at 1-800-644-3327 and we will find out for you. Or by calling us at 1-800-644-3327 and we will find out for you.
About Embrace Home Loans
For over 30 years we've been helping people with their mortgage financing needs. We are licensed in 46 states nationwide helping tens of thousands of customers every year.