What is the HARP Loan Program in Maryland?
The US Government's Home Affordable Refinance Program (HARP) is a program designed to help Maryland homeowners refinance their Maryland home in situations where home value has declined and, as a result, other Maryland home loan refinancing programs are not an option. H.A.R.P. loans in that state of Maryland are meant to help homeowners obtain a more affordable and stable MD mortgage.
Maryland HARP Loan Requirements
- Maryland homeowners who currently owe more their MD mortgage than the home’s current market value
- Have private mortgage insurance in Maryland
- Have a Fannie Mae or Freddie Mac insured loan
- Have wanted to refinance in Maryland but were told they didn't qualify
- Maryland refinances of up to 95% loan-to-value
- Good payment history on current Maryland loan
- Additional requirements apply
Do refinance fees for HARP Loans in Maryland apply?
Maryland HARP loans require underwriting and a loan application process and underwriting process so refinance fees will apply.