Loan Types HARP 2.0

Home Affordable Refinance Program (HARP)

The Home Affordable Refinance Program (HARP) is designed to assist homeowners with good credit standing, to refinance their mortgages - even if they owe more than the home’s current value. This offers an option for “underwater” homeowners who owe more than their home’s current value.

The goal of this program is to put responsible borrowers in a better financial position by:

  • Reducing monthly principal and interest payments
  • Reducing interest rate
  • Reducing the amortization period
  • Moving from a more risky loan structure to a more stable product

These affordable refinance opportunities are offered to homeowners with an existing loan that was purchased or pooled by Fannie Mae (FNMA) prior to June 1, 2009. To determine if you have a FNMA loan, visit:

The advantages of this program are:

  • Financing for homes with up to 175% loan to value (LTV)
  • Unlimited combined loan to value (CLTV) or high combined loan to value (HCLTV) for borrowers with second mortgages. This is calculated by:

CLTV or HCLTV =      Value of Loan 1 + Value of Loan 2
  Total Value of Property

  • Minimum FICO scores as low as 620
  • Desktop Underwriting (DU) requiring less documentation
  • Jumbo-Conforming or high-balance loans in high-cost loan areas may qualify

For more information about HARP loans, talk to one of our mortgage professionals.

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