Home Loan Loan Mortgage Mortgage Rate Refinance

Homeowners that want to take advantage of lower interest rates may be eligible for the Home Affordable Refinance Program or HARP. This federal mortgage assistance program is part of the Obama Administrations Making Home Affordable Refinance Program. HARP is applicable for responsible homeowners that are not behind on their mortgage payment obligations.

Government Refinance - Making Home Affordable Program

The Making Home Affordable Program has two main components. The first component is the Home Affordable Modification Program (HAMP). For qualifying homeowners, HAMP provides government assistance for a loan modification. To qualify, the homeowner must be able to document a financial hardship. Another qualifier is the monthly mortgage payments (including property tax and insurance) must be able to be reduced to a total of 31% of the homeowner’s gross income.