What exactly is a HARP Loan?

Posted on Sep 19, 2012 in HARP Refinance

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Question by aginzo: Can you include closing costs into a FHA loan?
I am buying my first home here in Orlando, sildenafil Fl and I was told you can finance your closing costs within your FHA loan. Does anyone know out there that has come into this situation? Any Florida mortgage brokers out there?

Best answer:

Answer by Sw33tz
yes, you can. =)

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Question by George: I am applying for a FHA home loan. The mortgage broker says the rate is 6.5% but the document states APR 7.5%?
The broker says my rate will be around 6.5% but they have to state APR 7.5% because it has to includes Mortgage insurance because of not putting 20% down. Is this correct? I understand I have to pay the PMI but should my APR be around the 7%? The loan is around $ 400K 3% down.

Best answer:

Answer by Beverly S
It’s not just the mortgage insurance- it’s any closing costs involved which are classified as interest- so any points etc. are added to the APR & that rate is your 1st years combined rate. However, site a whole 1% difference seems excessive to me. Mine are usually about 1/2% higher. Sounds like they are hitting you pretty hard on closing costs. Also, mind I don’t like the sound of your broker saying your rate will be “around 6.5%” tell him to Lock it- FHA rates are rising 6.5 % is actually really good right now. Good luck!

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HARP 2.0: Changes to Income Guidelines
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Question by : What exactly is a HARP Loan?
I’m trying to find out the what exactly is a HARP (Home Affordable Refinance Program) Loan. I’m underwater on my mortgage and need to refinance to save money and not go into foreclosure.

Best answer:

Answer by Jef
http://www.makinghomeaffordable.gov/programs/lower-rates/Pages/harp.aspx

That website explains the whole she-bang.

Basically, health HARP is a refinance program that is intended to give homeowners who are current on their mortgage payments, check but who may have an underwater mortgage, an opportunity to take advantage of lower interest rates.

To be eligible, you would need to qualify for the mortgage and your current loan needs to be a Fannie Mae or Freddie Mac backed loan. (There is a lookup tool on the website to find out if your loan is a Freddie or a Fannie.) Other eligibility nuances exist, but that’s the basic.

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One Comment

  1. basically, the HARP is commonly referred to as the Home Affordable Refinance Program. In an effort to help stabilize the housing market, the government developed the program to help homeowner’s who either did not have enough equity for a traditional refinance or who were having problems making the monthly payments on their current mortgages