Refinance with HARP

HARP stands for the Home Affordable Refinance Program.

A HARP loan is a new loan, not a modification of your current loan. It’s designed to help qualifying homeowners who lack home equity to refinance.

The HARP program is offered until December 31, 2018.

Loan-To-Value Ratio


A Loan-To-Value Ratio, also referred to as LTV Ratio, is a percentage comparison between the value of your loan and the value of your home. To determine your LTV, your lender will divide your loan amount by the lesser of the home’s appraised value.

 Example: You owe $130,000 on your mortgage (this is your loan amount), yet the value of your home is $100,000 (this is the current value of your home). Your LTV is 130% (you owe $30,000 more than your home is currently worth).

Who is eligible for the HARP Program?

Now that we’ve answered, “What is a HARP loan?” let’s review the eligibility requirements:

  1. You must have initiated your loan before May 31, 2009.
  2. You must be current on your mortgage payments, and have not made a payment more than 30 days late during the past year.
  3. You must demonstrate the ability to continue making payments on the loan (demonstrate that you have a job or other consistent source of income).
  4. Your loan must be owned or guaranteed by Fannie Mae or Freddie Mac.
    Look up your loan on Fannie Mae or on Freddie Mac
  5. You don’t have to owe more than your home is worth to qualify. Homeowners with 80% or more LTV may be eligible for HARP (see LTV definition).
  6. You must be receiving a benefit from refinancing either through a lower monthly payment, a lower interest rate, a reduced amortization term, or a different loan product, such as moving from an adjustable rate mortgage to a fixed rate one.
The HARP Program May Help You Save!

Benefits of the HARP loan program include lower interest rates, which will not only make your mortgage payment more affordable, but will also help you to gain even better control over your monthly budget.

Home appraisals are not required which saves you money on out-of-pocket costs.

Home Equity


The difference of your home’s fair market value (a.k.a. what its worth) and the outstanding balance of all liens, such as a mortgage, on the property (a.k.a. what you owe).

Refinance with HARP Process

During the application process, your Shamrock Financial Loan Officer will determine if your loan is owned or guaranteed by Freddie Mac or Fannie Mae.  You can apply now or to learn more, download our free HARP toolkit.

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