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If you want to refinance, but may not qualify for a traditional refinancing loan due to the current value of your home, then the Home Affordable Refinance Program, or HARP, could be an appropriate option for you.
The HARP program is a federally funded program designed to help homeowners in need. With the extension of the program through the end of 2015, eligible homeowners now have additional time to apply for a refinance.
Refinancing your mortgage through the HARP program can provide positive benefits that may help you stabilize your financial situation. The benefits can include:
The exact benefits will depend on your finances and goals, but a HARP refinance may change your current mortgage to something that is more appropriate for your needs.
The Home Affordable Refinance Program has eligibility guidelines that determine whether you qualify for a refinance loan.
When you are ready to apply for a HARP mortgage, getting documentation together before starting the application process will save time. The appropriate documentation will include:
You can also provide details about your current mortgage, the value of your home and any other debts that you currently owe. All of these considerations work to determine your eligibility for a HARP mortgage loan.
Interested in learning more? A U.S. Bank mortgage loan originator can answer your questions about the Home Affordable Refinance Program and determine whether you’re eligible to apply.