Tag Archives: Old Harp or new Harp

Old Harp or new Harp

Harp, which stands for the “Home affordable refinance program,” was put together by the federal government in March of 2009 to help homeowners whose property values had fallen “underwater,” in other words, below their current mortgage balance. The current program allows a customer to refinance a mortgage that is up to 125 percent of the value of the property. It also has easier credit restrictions and in some case easier income restrictions. The current program was projected to help 2 million borrowers, but to date has helped only 800,000, falling far short of expectations. The new Harp program, which is …

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