125 ltv home equity loan

Harp Loan programs

What is a HARP home loan ?



This is a  mortgage that allows you to borrow more than what your home is worth.You can borrow up to 125% of your home's value. This is an ideal loan for you if you have no equity in your home. If you have a VA or a FHA loan or want to payoff a second mortgage to get some extra cash this one is for you. Its generally tax deductible up to 100% value of the house.

Home Affordable Refinancing Program (HARP ) since Obama administration is now available to many borrowers. Under this  program you can refinance up to 125 % value of your home even if your home 's valuation is under the market. You need to be current in your mortgage payment to the lender and have a Fannie Mae or Freddie Mac loan.  The program also requires full income documentation as most Federal housing programs do. These are newer programs and many home owners have not applied or even heard of.

How does it works ?

This is a FICO based program with a minimum of 600 middle Fico scores required. Presently there are no exceptions. For example, if your house is worth $100,000 then you would be allowed to borrow a combined total of $125,000 between your first and second mortgage.You have to be in the property for at least 12 months or to be a previous owner.

Why should I apply ?

  • Pay off credit cards,and other debt.
  • Lower your payments by hundreds of dollars each and every month, and make only one easy monthly payment.
  • Make home improvements, pay college tuition, or just take a vacation.
  • Tax deductions ( please consult your CPA)


    What is the criteria for this loan ?

  • FICO Scores 600 and above.
  • Some Cash Out restrictions
  • For A Credit borrowers
  • Bankruptcy 2 years discharged.
  • Six months in the property or a previous home owner.

 The purpose of these loans is to refinance borrowers whose mortgages are higher than the value of their homes since the 2008 recession .