Get housing assistance from the Home Affordable Refinance program.

The federal government has updated the requirements for the Home Affordable Refinance program (HARP), which is part of the Homeowner Affordability and Stability Plan. The new HARP will allow home loans up to 125% of the value of the house, instead of the current 105%. Making this change will make it easier to get help. Now more people whose homes are worth less than their mortgages (sometimes refereed to as upside down or underwater) will be able to get loan modifications and refinancing.

The Home Affordable Refinance Program (HARP) is a federal program that helps homeowners who have mortgages that are owned or guaranteed by Freddie Mac or Fannie Mae. The program only covers first mortgages. A big reason for the slow start to the program was because the maximum 105% loan-to-value ratio for mortgage refinancing was too low to include many homes that have fallen sharply in value. The new rules to the program, which set a 125% maximum, now mean that an eligible homeowner with a $375,000 mortgage can now refinance if his or her house is now worth at least $300,000. This example shows that the Homeowner Affordability and Stability Plan has improved the affordability of homes by 75,000 dollars. Even though the borrower is getting a new loan, they still need to be able to make monthly payments on it. An increasing number of people are finding it difficult to refinance due to income requirements, as unemployment rates continue to rise and many workers who are still employed are experiencing pay cuts or reduced hours. The committee has suggested that the proposal be accepted The committee has recommended that the proposal be accepted.

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