Home Affordable Refinance Program – Wikipedia – The Home Affordable Refinance Program (HARP) was created by the Federal Housing Finance Agency in March 2009 to allow those with a loan-to-value ratio exceeding 80% to refinance without also paying for mortgage insurance. Originally, only those with an LTV of 105% could qualify.
Many people call it the Obama Mortgage. The official program called Making Home Affordable, and since early 2009, this program has offered hope for homeowners trying to avoid default and foreclosure on their home loans. The program was created to reach some nine million borrowers with a combination of refinancing options and loan modification.
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Obama Answers Bernanke Plea With Refinancing Plan: Mortgages – In 2009, Obama created the Home Affordable Refinance Program, or HARP, for loans guaranteed by government-supported Fannie Mae and Freddie Mac with little or no home equity. After the initiative.
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HARP – HARP-the Home Affordable Refinance Program-was created by the Federal Housing Finance Agency specifically to help homeowners who are current on their mortgage payments, but have little to no equity in their homes, refinance their mortgage – that is, they owe as much or more than their homes are currently worth – are eligible for a HARP.
How to Get Help – Making Home Affordable – For Immediate Assistance Call 888-995-HOPE (4673) (Hearing impaired: 877-304-9709 TTY) Let an expert from a HUD-approved housing counseling agency help you understand your options, prepare your application, and work with your mortgage company.
Obama details broader home-refinance plan – FALLS CHURCH, Va. – President Barack Obama called on Congress today to make it easier for millions of additional homeowners to refinance their mortgages at lower interest rates even if they owe more.
Obama proposes refinancing plan for underwater homeowners – and then walked away and left a foreclosed home behind," Obama said. "It’s not designed for those who’ve acted irresponsibly, but it can help those who’ve acted responsibly." But the refinancing plan.
Obama pitches broader refinance program – Half of all U.S. mortgages – about 30 million home loans – are owned by nongovernment lenders. Despite historic low interest rates, however, banks have been reluctant to refinance loans of such.
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The New Obama Refinance Plan.. which is only available to borrowers with home loans backed by Fannie Mae or Freddie Mac. 2 – Low credit demands. Homeowners will need a FICO credit score of only 580 to qualify, which covers about 90 percent of all borrowers. Aside from that, the other credit.