HARP Program New & Updates
New Jersey Homeowners Find Refinancing Relief with HARP
Is HARP saving New Jersey Homeowners? In short, YES! Many homeowners are facing a similar problem, they owe more on their mortgage than their house is worth. The problem is, most of these homeowners have been paying their mortgage on time, are employed, and have a relatively low debt load. BUT, they still can’t refinance.
This is where the HARP, or Home Affordable Refinance Program, comes in. The government recently announced stage two of this program, also known as HARP 2.0, to help ease the requirements of refinancing. This means borrowers who haven’t been able to refinance are now able to if they meet a few relatively simple requirements.
- Your loan must be owned by Fannie Mae or Freddie Mac
- Your last 12 months mortgage payments must have been made on-time. (this means no more than 30 days late)
- Your current mortgage must have been obtained prior to May 2009.
There are a few other minor requirements to obtaining a HARP loan and we recommend you speak to a licensed mortgage originator in your area to find out if you qualify.
HARP loans in New Jersey are a great way to relieve the burden of a high mortgage payment, save money monthly, and take advantage of historically low interest rates. Don’t be left out by not learning more about this ‘once in a lifetime’ government program.
