HARP Program Georgia homeowners need to reduce their payments. Introduced in the very first months of Barack Obama's presidency, the Home Affordable Refinance Program was established to permit homeowners who had underwater home loans where the home mortgage value is greater than 80 % of the property's value. According to the Federal Housing Finance Agency, borrowers who have already taken advantage of the program are saving an average of $1,923 per year. Several things you need to be eligible for the HARP Refinance Program in Georgia: You haven't made a payment more than 30 days late in the past six months and more than one late payment in the past year. HARP is for borrowers, which even during the very difficult times and reduced private property values, made their instalment payments in a timely manner. Obama made a decision to intervene and support these salt-of-the-earth type women and men. You owe more on your mortgage than your house is worth, or your current loan-to-value ratio is over 80%. This is certainly the meat of the HARP program – real-estate prices have plummeted and you may possibly have a home mortgage that could be reasonably estimated at 125% or even more of the value of your household. Either Fannie Mae or Freddie Mac is required to currently possess or back the property loan. There could be a surprisingly excellent chance your home finance loan is covered by Fannie Mae or Freddie Mac irrespective of who the initial loan was with or even who it was consequently sold to. The home finance loan must have already been closed on or before May 31, 2009. The administration doesn't want those that have taken advantage of low real estate prices to have the capacity to remortgage again so easily. The HARP program was created to take care of the people who got nailed hard by the collapse, yet still kept up their mortgage payments. The home owner loan could not have been refinanced in the past 3 years. Once more, the newest property owners will need to me