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Refinance Underwater Mortgage Without Harp

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HARP ends soon, but replacement programs in the wings Time is running out on the Home Affordable Refinance Program, better known as HARP, which will come to an end on Oct. 1. But that doesn’t mean that homeowners with negative or low equity won’t be able to refinance their mortgages.

Mortgage Insurance and HARP refinance – There has been much talk about the availability of refinancing underwater houses through the harp 2.0 program, for borrowers with MI (Mortgage Insurance), either BPMI (Borrower’s Private Mortgage Insu.

Editor’s Note: The HARP program expired Dec. 31, 2018, but most homes have increased in value considerably since HARP rolled out. This means many homeowners may currently be eligible for a standard conventional refinance. Dear Tim, I would like to give you a "short synopsis" of where we are with our mortgage.

About HARP – Introduced in March 2009, HARP enables borrowers with little or no equity to refinance into more affordable mortgages without new or additional mortgage insurance. harp targets borrowers with loan-to-value (LTV) ratios equal to or greater than 80 percent and who have limited delinquencies over the 12 months prior to refinancing.

Refinancing an Underwater Mortgage When You Don’t Qualify for HARP If you don’t meet the eligibility guidelines for HARP, you may still be able to qualify for a refinance loan. Of course, each lender will have certain other qualifying requirements and these requirements will vary from loan program to loan program; however, before throwing in the towel, you should contact your loan professional for guidance.

The government created the Home Affordable Refinance Program (HARP) to enable homeowners to refinance despite the lower values of their homes. Not all upside down mortgages are eligible for HARP. Borrowers who have loans guaranteed by Fannie Mae or Freddie Mac and are current on their mortgage payments may be able to seek relief through the.

A lot of homeowners with underwater mortgages would like to refinance, but they don’t qualify for HARP (the federal home affordable refinance.

You must not have completed a HARP refinance since June 1, 2009. You will not have made a late payment within the past 6 months. You will not have made more than one 30-day late payment in the past 7-12 months. Your current loan must fall under the conforming loan limits.

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