The Home Affordable Refinance Program (HARP) is a federal government assistance program created specifically to help homeowners who are current on their mortgage payments, but who are underwater on their mortgages. That is, they owe almost as much or more than the current value of their homes. No minimum credit score is required, and closing costs can be bundled into the new loan so homeowners don't need much cash up front. With today's low interest rates, qualifying for HARP can save a homeowner thousands.

Benefits of a HARP Refinance

The obvious benefit of HARP is that it provides a refinance option for homeowners who would not typically qualify for refinancing because they owe more than their homes are worth. Other benefits of a HARP refinance include:

• Lower Mortgage Payment. Borrowers who refinance with HARP have lowered their monthly mortgage payments by an average of $ 191 / mo.

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