Harp financing

<h1>Refinancing Using The Harp Program Secrets</h1>
<p>It should be noted that the HARP initiative is currently scheduled to end on Dec. 31, 2013, so if you want to participate you must complete your refinance by then. The original version of HARP had many roadblocks that made it difficult for homeowners to refinance. It is designed people who have mortgages owned or guaranteed by Freddie Mac or Fannie Mae (the GSEs) and are currently under water or owe more than their home is worth. Before HARP2, loan-to-value ratios of above 125% were prohibited. </p>
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<p>The Home Affordable Refinance Program allowed homeowners who were underwater to refinance. Although at first the HARP mortgage program left many borrowers treading water, the HARP 2.0 program was released which allows refinances for homeowners with up to 125% loan to value. By qualifying for the HARP revamp borrowers have a chance to avoid possible home foreclosures and reduce their monthly payments substantially. One may seek help from such services to find out if he really has any chance to obtain a low rate home refinancing loan using government housing relief assistance. </p>
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<p>In order to qualify for HARP you must be current on your mortgage payments for six months and not have more than one late payment in the previous year. (Anything larger than a four unit dwelling is excluded) Mortgage refinancing is different from consolidation since the former involves discharging a secured loan by procuring another loan of the same size, at a lower rate of interest, using the same property as collateral. Obama's stimulus mortgage refinancing options will help an estimated 8 million homeowners get a better mortgage. </p>
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<p>HARP (Home Affordable Refinance Program) � This government run program was birthed in March of 2009 from the ashes of the mortgage crisis. This program allows homeowners who currently owe more on their home than it is worth to refinance. First announced in March 2009, HARP (Home Affordable Refinance Program)�was a�federal program designed to help�underwater or near-underwater homeowners refinance into a fixed loan with a lower monthly payment. HARP also makes distinctions between borrowers with more equity in their homes and those who are underwater. </p>
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<p>However, help is available from President Obama's HARP (Home Affordable Refinance Program ) stimulus. This stimulus plan is designed to help struggling homeowners with new home loan modification and mortgage refinancing options that would make the monthly loan payment amount much more affordable. The following programs can help homeowners refinance their mortgage and thus prevent foreclosures. As the mortgage rates are rising yet again, all the struggling homeowners who are underwater on their mortgages are struggling to make ends meet. </p>

<p>Like HARP, the FHA Streamline Refinance program may not offer the best refinance rates, depending on the borrower�s credit history and income, but the program does help homeowners who are under water with their mortgages. The HARP program is not offered by all mortgage service providers. But the interest rates under HARP are higher for homes other than the borrower�s primary residence. Just like every loan and refinance though, the typical closing costs and associated fees will still apply. The new HARP program has no such limits. </p>