By using HARP, customers were still able to refinance their loans and have access to better mortgage terms. A lot of homeowners with underwater mortgages would like to refinance, but they don’t qualify for HARP (the federal Home affordable refinance program).
For underwater borrowers, refinancing simply means getting a new mortgage to replace your old one with the goal of reducing monthly payments, lowering your interest rate, or changing your loan program from an adjustable-rate mortgage to a fixed-rate mortgage.
Refinancing Without HARP – Homestead Financial Mortgage – Refinancing Without HARP Posted on October 1, 2012 August 26, 2014 by Jayson Hardie If you’re one of the millions of homeowners with an underwater mortgage who would still like to refinance but can’t qualify for HARP (the federal home affordable refinance program), there are still some options.
If a homeowner is interested in refinancing an underwater loan using the HARP program, the mortgage must be in good standing. Any late payments in the previous twelve months will automatically disqualify the applicant.
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A lot of homeowners with underwater mortgages would like to refinance, but they don’t qualify for HARP (the federal Home Affordable Refinance Program). And HARP will be expiring soon anyway. Do they have other options? Surprisingly, yes. There are other ways you can refinance a negative-equity mortgage if you don’t qualify for HARP.
If you’re one of the millions of homeowners with an underwater mortgage who would still like to refinance but can’t qualify for HARP (the federal Home Affordable Refinance Program), there are still some options. Though limited to borrowers in specific situations, you can still refinance a negative-equity mortgage even if you don’t qualify for HARP as long as your mortgage loan is backed by the FHA or VA.
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Refinance Underwater Mortgage Without Harp – If you are looking for finance to buy new home or for lower mortgage rate of your existing loan then study our extensive and comprehensive collection of first-class reliable refinance offers from different certified lenders.
However, you can’t refinance a HARP mortgage to either of these HARP replacement programs The cutoff date is different from the original HARP, which only allowed loans originated before June 1,