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Q&A: what does this mean: 1.To use HARP, you must have less than 20% equity in your home ?

on Jan 9, 2013 in HARP Refinance | 2 comments

Question by juneau601: what does this mean: 1.To use HARP, you must have less than 20% equity in your home ? I have no clue what this means, Can you please help ? 1.To use HARP, you must have less than 20% equity in your home. Thank you again. Best answer: Answer by Hugh GHARP, Home Affordable Refinance Program, is the federal government’s mortgage bailout program. To be eligible for a new loan with lower interest rate that is guaranteed by the U.S. government, a homeowner must have no more than 20% equity in their house. That means that their mortgage balance must exceed 80% of their home’s market value. Know better? Leave your own answer in the comments! Q&A: what does this mean: 1.To use HARP, you must have less than 20% equity in your home...

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