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Who Can Benefit from a HARP Loan?

by harprefinance

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The housing market collapse seemed to come as a major surprise to most people, but it was also a great opportunity for people to purchase homes for lower prices. Unfortunately, after this boom, the values of those homes continued to drop with all the foreclosures occurring in the neighborhood. This means many homeowners would like to refinance but can’t. Learning who can benefit from the HARP 2.0 program will help you determine if it is the right choice for you.

Loan Carrier

The HARP program isn’t concerned with who the lender is that is listed on your mortgage payment each month. What it does rely on is whether your loan was established under Fannie Mae and Freddie Mac. These two programs were designed to help people who otherwise wouldn’t qualify for a mortgage to get the home of their dreams. While some of these people did struggle and eventually foreclose, there are plenty of people with these loans who are still going strong.

Loan-to-Value Ratio

It can be disheartening to look at your mortgage bill and see you owe more than your home is actually worth. This is exactly what the HARP 2.0 program is designed to do. People who don’t have at least 20 percent equity in their home often can’t refinance. With a HARP loan, there are no limits to the loan-to-value ratio so you can refinance a home that is severely under water.

On-Time Payments

Anyone who has stayed on top of their mortgage payments can also see benefit from obtaining a HARP loan. While people who are behind on their payments are those who typically need more help, this program isn’t designed to help them. There are other options for people who are facing foreclosure. HARP 2.0 allows those who are current on their payments to gain some financial relief in their mortgage payments.

Understanding who can benefit most from a HARP loan will ensure you are able to make the right choices in your mortgage refinance. People who have obtained their loan through Fannie Mae or Freddie Mac, those who have a high loan-to-value ratio and those who have made their mortgage payments on time will be able to apply through the HARP 2.0 program. If you qualify under these guidelines, it may be time to contact a HARP lender to find out more.


 If you are interested in finding out how HARP 2.0 can help you, visit or call 1-855-306-8810.

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