HARP loan
In 2009 the Obama administration created something called Home Affordable Refinance Program aka “the HARP program”. The HARP loan is available in all 50 states, and for information on the HARP mortgage in Oregon look no further than right here at the Oregon Mortgage Blog!
The HARP program allows homeowners to refinance their existing loans if the current debt is backed by either Fannie Mae, or Freddie Mac. If the original loan has mortgage insurance, the MI policy can be transferred to the new debt under certain circumstances, but this process requires quite a bit of factors lining up just right for you and is proving to be difficult, but it CAN be done!
The benefit of the HARP loan is that it allows qualifying mortgage holders to refinance into a lower cost mortgage EVEN if the value of that home has dropped significantly. The “Fannie Mae” version of the HARP refinance is sometimes called the “DU Refi Plus” or the “Fannie Mae Refi Plus“…. Go here to a page specific to the details of this program
The Freddie Mac version of the HARP loan is called “the Open Access loan”
