HARP Refinance in Las Vegas, NevadaHARP Refinance — the Home Affordable Refinance Program—was created by the Federal Housing Finance Agency (FHFA) specifically to ease refinancing for homeowners who are underwater or have little to no equity in their homes.
What is a HARP Refinance?In 2009 As part of the Making Home Affordable program, the Obama administration first offers the Home Affordable Refinance Program. The initial program fell short of its goals, due to loan-to-value restrictions, especially on investment properties. In 2011, the program has amendments announcing that loan-to-values could be higher than 125%. Currently, there are multiple lenders that will do a HARP refinance for no limit LTVs. This means that it doesn’t matter how far underwater your house is, it will not be a ruling factor in qualifying for the Home Affordable Refinance Program. Those with larger loans with rates in the 6 percent to 8 percent range are more likely to benefit from HARP refinances than homeowners in less-expensive areas.
Eligibility Requirements of a harp refinance:
- The program applies only to loans that are owned or guaranteed by Fannie Mae or Freddie Mac. You can use the loan look-up tool available on Fannie Mae’s website. If Fannie Mae does not own your loan, then check the Freddie Mac loan look-up tool.
- You have a small amount of equity or no equity (i.e., your loan-to-value ratio must be > 80% to be eligible).
- You must be current on your mortgage. No 30-day+ late payments in the last six months & no more than one in the past 12 months.
- The new 1st mortgage cannot exceed 125% of the current market value of the property.
- You cannot have previously used the HARP program on your home
- If you have a 2nd loan, that loan isn't counted toward the 125 percent limit. The 2nd loan must remain subordinate to the new first HARP Refinance.
What to do Next:If you can meet these criteria, you have until December 31, 2018, to close a HARP refinance and take advantage of the current market rates. Combining the lower interest rates with the higher payment will rapidly increase your equity. HARP's easy qualification requirements with the streamline refinance process have made it possible for nearly 3.5 million Americans to take advantage of today’s low rates since 2009. As rates may vary from one mortgage lender to another we encourage you to talk to more than one lender and compare the terms for each. Or you can contact
Casey Moseman at 702-271-1274
She will guide you through the entire process.