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Does Your Loan Exceed the Value of Your Home? HARP Might Help

With the crash of the U.S. housing market, a large group of homeowners are faced with owing more than their homes are currently worth. These homeowners have been unable to refinance and are trapped in their current loans, with no escape in sight. Most feel forced to ride out the housing crash, longing for the day when their home value returns to what it once was. It doesn’t have to be this way.

If you owe more on your loan than the value of your home, you could find relief through The Home Affordable Refinance Program (HARP). HARP is a government-backed federal program that helps you refinance, even when your loan value exceeds your home value. Not everyone is eligible for HARP, however you might be if you meet the following criteria:

  • Your mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae
  • Your mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009
  • Your mortgage must not have been refinanced under HARP previously, except for cases where it is a Fannie Mae loan that was refinanced under HARP between the months or March and May, 2009
  • Your current loan-to-value (LTV) ratio must be greater than 80%
  • You are current on the mortgage at the time of refinancing, with a steady payment history for the past 12 months

To get started on the path of HARP refinancing, first take a look here to see if either Freddie Mac or Fannie Mae owns or guarantees your loan. If it is, simply submit your information to LocalRate411 and select “HARP Refinance” as your loan type. We’ll have a Freddie Mac or Fannie Mae approved mortgage officer contact you to assist you in getting your HARP refinance. Don’t despair, help is on the way!

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