Can You Use HARP to Refinance an Underwater Mortgage in Virginia?

The federal government’s Home Affordable Refinance Program (HARP) can be a great option for homeowners who need to refinance an underwater mortgage in Virginia – and the program saw a big overhaul late last year, making the option available to more underwater homeowners. However, HARP isn’t necessarily the best choice for everyone, and you will have to meet many criteria in order to qualify for the refinance.

To be eligible for the Home Affordable Refinance Program (HARP), you must meet several requirements, including:

  • Your mortgage is guaranteed or owned by either Fannie Mae or Freddie Mac.
  • Your loan-to-value ratio is greater than eighty percent.
  • You have a good payment history and your mortgage payments are not past due.
  • Your mortgage has not already been refinanced through HARP, except in certain circumstances.

Other eligibility requirements may apply, so it is important that you speak with your lender and your loan modification attorney for the specifics as they relate to your situation.

If you are struggling with debt and have questions about mortgage loan modification in Virginia, please feel free to reach out to an experienced Northern Virginia loan modification lawyer with the Strong Law Firm. We would be happy to meet with you in a completely free consultation to discuss your loan payment modification options through HARP, HAMP, and other programs, and we can support you through the entire process. Don’t wait until it’s too late to get help. You can reach us at 877-344-8189, or simply fill out our confidential online contact form for more information.