To qualify for HARP, your real estate must be one of the following: Your Primary Residence. A Single-Unit Second Home. An Investment Property with One to Four Units.
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"If so, you might qualify for the Home Affordable Refinance Program (HARP)." Leon quickly hit the Internet and started searching for lenders participating in HARP. By chance, he connected with Paul.
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Do I Qualify For HARP? | SmartAsset.com – People who qualify for a HARP mortgage all meet a certain set of requirements: They are current on their mortgage. Their home is a primary residence, 1-unit second home, or 1-to-4 unit investment property.
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Other homeowners used HARP to convert their adjustable rate mortgage (also referred to as an ARM-Loan) into a more predictable, fixed-loan program (e.g. 30-year fixed mortgage). They could also refinance for a shorter-term loan, which could help them build home equity at a faster pace.
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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.. The harp mortgage program was modified.
How to Qualify for HARP HARP qualifying standards are relatively straightforward as follows: Your mortgage must be owned by Fannie Mae or Freddie Mac. Other types of loans do not qualify for HARP.