Now May Be The Time For A More Affordable Mortgage Loan
What is HARP?
In April of 2009, the Home Affordable Refinance Program (HARP) was launched by the federal government with the purpose of assisting low-equity homeowners to take advantage of more favorable mortgage rates.
The redesigned HARP guidelines are as follows:
- There is no maximum loan-to-value (LTV). You may qualify even if you owe more than the value of your home.
- Applicant must be current on existing mortgage at the time of refinance with good payment history in the last 12 months.
- Available for primary residence, second homes and investment properties.
- No minimum credit score requirements.
- Mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009. Note: your loan may have been sold even if your servicer has remained the same.
- Program available through December 31, 2015.
Ready to apply and find out if you qualify?
Don’t qualify for HARP?
Beneficial Bank may still be able to help you refinance your mortgage. Click here for more information about Beneficial mortgages.
*Other requirements will apply. Some may not qualify if you owe more than the value of your home. Freddie Mac and Fannie Mae have adopted changes to the Home Affordable Refinance Program (HARP) and you may be eligible to take advantage of these changes. If your mortgage is owned or guaranteed by either Freddie Mac or Fannie Mae, you may be eligible to refinance your mortgage under the enhanced and expanded provisions of HARP. You can determine whether your mortgage is owned by either Freddie Mac or Fannie Mae by checking the following websites: www.freddiemac.com/mymortgage or http://www.fanniemae.com/loanlookup/. For additional details on the HARP program, you can visit the government website.
**Please note: The use of non-secure e-mail is intended for general questions, inquiries and comments only. Confidential Customer information cannot be accepted electronically.