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Quicken Loans
Quicken Loans, now known as Rocket Mortgage, is a well-known American mortgage lender. The company was founded in 1985 by Dan Gilbert and is headquartered in Detroit, Michigan. Quicken Loans has becom...
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What is Quicken Loans HARP Loan?
What is Quicken Loans HARP Loan?
HARP stands for Home Affordable Refinance Program. It was established by the Federal Housing Finance Agency (FHFA) in 2009 to provide relief to homeowners who were underwater on their mortgages. Quicken Loans was one of the lenders authorized by the government to participate in the program.
Quicken Loans' HARP loan is designed for homeowners who owe more on their home than it is worth. The program allows eligible homeowners to refinance their mortgage to a lower interest rate or more favorable terms, even if they have little or no equity in their home.
How does Quicken Loans HARP Loan work?
To qualify for Quicken Loans' HARP loan, homeowners must meet the following eligibility criteria:
- The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae.- The mortgage must have been originated on or before May 31, 2009.- The current loan-to-value (LTV) ratio must be greater than 80%.- The homeowner must be current on their mortgage payments with no late payments in the past six months and no more than one late payment in the past 12 months.
If a homeowner meets these criteria, they may be eligible to refinance their mortgage through the HARP program. The HARP loan may allow them to obtain a lower interest rate, obtain a fixed-rate mortgage, or shorten the term of their mortgage. The HARP loan may also allow them to eliminate or reduce their mortgage insurance premiums.
How to apply for Quicken Loans HARP Loan?
Homeowners interested in applying for a Quicken Loans HARP loan should contact the lender directly. The application process may involve documentation of income, assets, and employment, as well as an appraisal of the home. Homeowners may also need to pay closing costs, which may be rolled into the loan amount.
In conclusion, Quicken Loans' HARP loan is a program designed to provide relief to homeowners who are underwater on their mortgages. The program may allow eligible homeowners to refinance their mortgage to a lower interest rate or more favorable terms, even if they have little or no equity in their home. Homeowners interested in applying for the program should contact the lender directly.
