Profile picture for PhilipAustin

The MA Home Affordable Refinance Program (HARP) Eligibility Requirements

The Home Affordable Refinance Program (HARP) now provides an option for homeowners in who are "underwater" on their homes and owe more than the homes are worth to refinance their mortgages. A HARP refinance addresses situations where the homeowner's property value has fallen causing them to no longer to qualify under traditional underwriting criteria.

  • April 10 2012 - Staten Island
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Answers (6)

Profile picture for sunnyview
HARP is a nationwide program meant for people who can make their payment, but would benefit from a lower payment. Many times it does not even require going through escrow or paying any fees at all if you can get a good rate from your current lender.

The Making Home Affordable website has detailed information on HARP for every state. There are lookup tools to see if Fannie or Freddie owns your loan and other checklists there to see if you qualify. HARP can be a great way to lower your payments without any negative effect on your credit at all. It is almost like doing a free refinance. You can also use HARP even if your home is underwater as long as you are current and meet the other guidelines.
  • April 10 2012
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Profile picture for Steffnie
I would like to know when Zillow will allow us to quote HARP's at the program guidelines.  This is a huge benefits to customers.  It is even a benefit to customer who have equity in there home, but don't want to pay for an appraisal.  Most of these are getting a property waiver.  We need to be able to quote on these.
  • April 10 2012
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Profile picture for PhilipAustin
Massachusetts homeowners can find more details and look for Who Owns My Loan by searching specifically for [Commercial hotlink removed by Zillow moderator. Please see our Good Neighbor Policy for more information.] 
  • April 10 2012
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Profile picture for stuartr7
I have a 6.6% home Mortgage on a home  in Montana. I've had to move out of the state to find employment. I have rented the home at a ridiculously low rate and am struggling to make payments to Citi Mortgage. Is it necessary to live in the property to refinance under HARP?
  • January 17 2014
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Profile picture for shapiroamg
I don't believe so. 
  • January 17 2014
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HARP is very much available on investment property, the terms will be slightly higher however if your existing rate is 6.6% and you meet all the other qualifying criteria then you should be able to improve your cash flow nicely with a HARP refinance. 
  • January 17 2014
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