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Even if your home has declined in value, you may have options to refinance your home under the HARP program and make your payments more affordable.
If you want to refinance but may not qualify for a traditional refinancing loan due to the current value of the house, 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 until 2015, eligible homeowners now have additional time to refinance.
Refinancing your mortgage through the HARP program can provide positive benefits that help you stabilize your financial situation. The benefits include:
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 loan officer can answer your questions about the Home Affordable Refinance Program and determine whether you’re eligible to apply.
Equal Housing Lender
Loan approval is subject to credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts. Interest rate and program terms are subject to change without notice.
You can always call us for further information on the mortgage application process and to find out about the wide variety of mortgage products offered by U.S. Bank Home Mortgage.