HARP Loan
Program:
How Did It
Work?
What Is the HARP Loan
Program?
The HARP (Home Affordable
Refinancing Program) loan program
was a government initiative established
in April 2009 under the FHFA (Federal
Housing Finance Agency) in response
to the 2007-2008 financial crisis. Its
purpose was to help homeowners
refinance loans on properties that were
worth less than their outstanding
mortgage.
What Were the
Qualifying Criteria for
a HARP Loan?
• A basic requirement was a mortgage
owned or guaranteed by Freddie
Mac or Fannie Mae, closed on or
before May 31, 2009.
• The original loan must have had an
LTV ratio of at least 80%.
• Borrowers needed to have a
minimum credit score of 660.
https://www.altfn.com/refinance-with-harp/
What Replaced the
HARP Loan Program?
Here are two alternatives to HARP
mortgage refinancing.
• Flex Modification: Freddie Mac and
Fannie Mae offer a Flex Modification
program for existing loans with
past-due payments of over 60 days.
• Freddie Mac High LTV Refinance:
Freddie Mac offers borrowers a
refinance with a 95% loan-to-value
ratio (LTV) for a one-unit or single-
family home.
No Interest
(Riba-Free)
Contrary to popular belief, Lorem Ipsum is not
simply random text. It has roots in a piece of
classical Latin literature from 45 BC, making it
over 2000 years old.
How Did the HARP
Loan Program Work?
HARP mortgage financing allowed
borrowers with mortgage loan balances
that exceeded their property values to
refinance their loans at a lower interest
rate. This program began on April 1,
2009, and ended on December 31,
2018.
What Does It Mean
When a Mortgage Is
Underwater?
An underwater mortgage is where the
loan balance exceeds the value of the
home securing the loan as collateral.
Borrowers can go underwater if the
property value drops or the borrower
withdraws too much of the property’s
equity via a home equity loan, home
equity line of credit, or cash-out
refinance.
https://www.altfn.com/
Thank You
Visit: www.altfn.com
Program:
How Did It
Work?
What Is the HARP Loan
Program?
The HARP (Home Affordable
Refinancing Program) loan program
was a government initiative established
in April 2009 under the FHFA (Federal
Housing Finance Agency) in response
to the 2007-2008 financial crisis. Its
purpose was to help homeowners
refinance loans on properties that were
worth less than their outstanding
mortgage.
What Were the
Qualifying Criteria for
a HARP Loan?
• A basic requirement was a mortgage
owned or guaranteed by Freddie
Mac or Fannie Mae, closed on or
before May 31, 2009.
• The original loan must have had an
LTV ratio of at least 80%.
• Borrowers needed to have a
minimum credit score of 660.
https://www.altfn.com/refinance-with-harp/
What Replaced the
HARP Loan Program?
Here are two alternatives to HARP
mortgage refinancing.
• Flex Modification: Freddie Mac and
Fannie Mae offer a Flex Modification
program for existing loans with
past-due payments of over 60 days.
• Freddie Mac High LTV Refinance:
Freddie Mac offers borrowers a
refinance with a 95% loan-to-value
ratio (LTV) for a one-unit or single-
family home.
No Interest
(Riba-Free)
Contrary to popular belief, Lorem Ipsum is not
simply random text. It has roots in a piece of
classical Latin literature from 45 BC, making it
over 2000 years old.
How Did the HARP
Loan Program Work?
HARP mortgage financing allowed
borrowers with mortgage loan balances
that exceeded their property values to
refinance their loans at a lower interest
rate. This program began on April 1,
2009, and ended on December 31,
2018.
What Does It Mean
When a Mortgage Is
Underwater?
An underwater mortgage is where the
loan balance exceeds the value of the
home securing the loan as collateral.
Borrowers can go underwater if the
property value drops or the borrower
withdraws too much of the property’s
equity via a home equity loan, home
equity line of credit, or cash-out
refinance.
https://www.altfn.com/
Thank You
Visit: www.altfn.com