For Those That Need Help: Harp Loans

As many of you have read in the news, millions of homeowners have either lost or are in danger of getting their homes foreclosed

. While some in the media try to demonize those who couldn't afford the homes they lost, many of us recognize that our stagnant economy has put millions of Americans in an untenable bind. For those people, HARP (Home Affordable Refinance Program) loans could be the solution for your housing situation. As with any government loan, there are requirements that applicants have to meet before they can get approved. You can look for these requirements on any federal website devoted to housing.

What is HARP For?

President Barack Obama has put together the HARP loan program to help Americans out of their strenuous housing binds. The prospect of getting your home foreclosed is a scary proposition for many. With a HARP loan, many people have been given a possible lifeline.

By offering the HARP loan program, President Obama is trying to prevent even more people from losing their homes while also trying to straighten out the economy at the same time. The HARP program can't achieve these objectives by itself, but it's one way to fix a horrific problem for many Americans. Good News

A lot of mortgage underwriting programs require prospective homeowners to jump through various hoops in order to provide verification of income. If you refinance your mortgage through HARP, one of the only things they'll need to have is a verbal verification of employment status from your place of work.

Other requirements for refinancing under HARP include a credit score over a benchmark decided upon by members of Congress and the Obama Administration. The program is also required to look at the number of on time payments you've made to your creditors. Unlike some unscrupulous mortgage lenders, your credit history and current employment status are deemed as very important parts of your HARP application.

If you decide to refinance your home, it's always good to have a few options. With HARP, you'll be under the auspices of a federally funded program and all of the protections that come along with it. If you're even considering refinancing your mortgage, you might want to think about utilizing the HARP plan.

I'm a mortgage advisor specializing in Obama's mortgage relief plan. To learn more about Obama's mortgage relief plan, please visit my website.

by: Darius

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