Home Affordable Refinance Program (HARP) is part of the Making Home Affordable Program from the U.S. Treasury Department and is a critical part of the government's strategy to help homeowners avoid foreclosure, stabilize the country's housing market, and improve the nation's economy.
New enhancements have been made to HARP to help homeowners refinance their current mortgage even if the value of their home has declined.
One of the biggest changes is that you no longer have to stay with your current mortgage lender, which is where First American Bank comes in. Let us help you through this process and you can avoid the long delays and poor service of other banks. You may be eligible for HARP if the following are true:
- Your mortgage MUST be owned or guaranteed by Fannie Mae or Freddie Mac.
- Your mortgage MUST have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
- Your mortgage CANNOT have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009.
- You MUST be current on your mortgage at the time of the refinance, with no late payment in the past six months and no more than one late payment in the past 12 months.
- You have a reasonable ability to pay the new mortgage payments.
- The refinance improves the long term affordability or stability of your loan.
Stop into one of our convenient branches or call 847-586-2401 to get started today.
Additional helpful links: