What is a HARP 2 loan?

HARP 2.0 is a mortgage refinance program designed to help homeowners whose properties have become underwater, meaning those who owe more on their homes than the property is worth.

What does HARP mean in mortgage?

Relief RefinanceSM/Home Affordable Refinance Program
The purpose of the Relief RefinanceSM/Home Affordable Refinance Program (HARP) is to help bor- rowers with little or no equity in their homes refinance into more affordable mortgages. HARP is for borrow- ers whose loans are owned by Freddie Mac or Fannie Mae.

Is the HARP mortgage program Real?

HARP was created in 2009 to give borrowers who were current on their mortgages but had little or negative equity an opportunity to refinance at lower rates. HARP was modified over the years and eventually enabled homeowners to refinance up to 125 percent of the value of their homes without primary mortgage insurance.

How does the harp program work?

The HARP mortgage is a home loan refinance program launched in March 2009, which gives homeowners whose homes have lost value the ability to refinance to current mortgage rates without incurring new mortgage insurance, regardless of loan-to-value (LTV).

Can you refinance a harp loan twice?

You can use this Freddie Mac program to refinance your mortgage as many times as you want, whereas with HARP, you were limited to only one time. Unfortunately, though, if you were a beneficiary of HARP, you aren’t able to refinance again through the Freddie Mac Enhanced Relief Refinance.

How does harp work?

When a harp string is plucked, it vibrates with a certain frequency, compressing and decompressing nearby air* and making sound waves of the same frequency. The frequency of the vibration in the string is set by the length of the string, the tension in the string, and the material it is made of.

How do I know if I have a harp loan?

What Were the Qualifying Criteria for a HARP Loan?

  1. A basic requirement was a mortgage owned or guaranteed by Freddie Mac or Fannie Mae, closed on or before May 31, 2009.
  2. The original loan must have had an LTV ratio of at least 80%.
  3. Crucially, the borrower could not be delinquent on their mortgage payments.

Are HARP loans forgiven?

No, HARP does not forgive your mortgage balance, nor does it reduce your principal owed. A HARP loan will refinance your current loan balance only.

How does harp program work?