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Question by juneau601: what does this mean: 1.To use HARP, pills 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 G
HARP, 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!
equity refers to the value of the home that belongs to you (and not the financial insntitution holding the mortgage). Apparently you are eligible for HARP only if the bank holds a lien on more than 80% of the value of your home (or, to look at it another way, you owe the bank more than 80% of the value of your home)
In order to re-fi your house under the HARP program, you must have less than 20% equity in your home. That means the amount you owe is at least 80% of the homes value.
Equity is your interest in the home. An easy way to think of it- equity is the part of the home you own- that’s paid for. The bank owns the balance.
In a traditional re-fi, you must have more than 80% equity. Meaning, you owe less than 80% of what your home is worth. So, if your house is worth $ 100,000 and you owe $ 90,000 – you only have 10% equity ($ 10,000) and would not qualify for a traditional re-finance.
People that have at least 20% equity in their homes don’t need HARP. That’s because they can do a traditional re-fi.
However, with the drop in housing prices, many people don’t have 20% equity in their house. So they can’t take advantage of the low interest rates and re-fi. The HARP program was set up to allow these people to re-fi and take advantage of the record low interest rates.