What is the HARP Loan Program?
On November 15, 2011 President Obama announced the updated Making Home Affordable Refinance Program, or HARP 2.0. This program could help more than 1.5 million under water home owners refinance into a mortgage at or near today's historic low rates.
According to Fannie Mae - "The Home Affordable Refinance Program (HARP) is designed to assist homeowners in refinancing their mortgages – even if they owe more than the home’s current value.
The primary expectation for Home Affordable Refinance is that refinancing will put responsible borrowers in a better position by reducing their monthly principal and interest payments, reducing their interest rate, reducing the amortization period, or moving them from a more risky loan structure (such as an interest-only mortgage or a short-term ARM) to a more stable product (such as a fixed-rate mortgage)."
In simple terms the Home Affordable Refinance Program, or HARP 2.0, is a government-sponsored refinance program for borrowers who have less than 20% equity, or who are "under water."
HARPLoanFinder.com is designed to help you determine if your loan is eligible for HARP 2.0.
The Bookspan Baker Team at Cobalt Mortgage is committed to rebuilding our housing market, one family at a time. We strongly believe HARP 2.0 is an important step into stabilizing our housing market.
Feel free to call or email with any questions.
Sincerely - The Bookspan Baker Team at Cobalt Mortgage
Toll Free 866-900-7272 or BBT@CobaltMortgage.com
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