HARP or the Home affordable refinance program is a government program that is designed to help homeowners refinance their existing mortgages into more affordable loans. With the HARP program, homeowners can refinance their mortgages even if they owe more than what their homes are worth.
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The Home Affordable Refinance Program (HARP) was an initiative put forward during the Obama administration, that offered a number of options designed to help homeowners, depending on their individual circumstances. subsequently, the program came to be known as the "Obama Mortgage."
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The primary refinance program of the Obama administration, the Home Affordable Refinance Program or HARP program, has proven to be a great success after a rocky start. Other programs, such as the FHA streamline program and the VA IRRRL program, have also been very successful over the last four years.
The Obama plan has two parts: a refinancing program and a loan modification program. We’ll start with the refinancing piece. Right now mortgage rates are near historic lows: about 4 to 5 percent for a.
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These aggressive Obama mortgage programs put refinancing in reach for just about every American with a conforming mortgage of $417,000 or less. If you would like to lower your mortgage payment talk to a qualified lender about which program will work for you.
· Obama mortgage refinance program was chalked out to bail property holders out of diverse mortgage issues. Harp, a module of this program, is implied for borrowers who are not behind on their mortgage installments yet have been unable to get customary refinancing in light of the fact that the worth of their home declined.
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HARP is an acronym. It stands for Home Affordable Refinance Program. Sometimes called the "Obama Refi", the HARP program was launched in 2009 as part of that year’s economic stimulus program.
What’s commonly known as the Obama refinance or Obama mortgage has an official name: the Home Affordable Refinance Program, or HARP. (Disclaimer: This is not a government site or blog post. We aim to explain this government-sponsored program.
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Wells Fargo said it will also offer the administration plan’s refinancing. praise to Obama’s plan, saying it appropriately balances the interest of homeowners, mortgage servicers and investors..