Anyone familiar with H.A.R.P.? (Home Affordable Refinance Plan)

[Yvonne G]

I keep reading that H.A.R.P. can save me lots of money if I refinance my home mortgage.

My house is paid off, however, I financed my solar panels and still owe a bit on that loan. I've been paying an extra $100 a month, but the principal doesn't seem to go down much.

Can anyone give me the scoop on H.A.R.P. (Home Affordable Refinance Plan)? Is it a good deal?

 

[Yvonne G]

Never mind - the loan-to-value (LTV) ratio must be greater than 80%. But I still think I'll ask the bank if I qualify.

 

[dmmj]

it's basically for homeowners who's house is underwater.

 

[Jacqui]

it's basically for homeowners who's house is underwater.

Submarine housing?

 

[dmmj]

Submarine housing?

nope, house is worth less than what they owe underwater.

 

[dmmj]

Actually @Yvonne G. you said something earlier about owing money still on your solar system. have you ever considered a reverse mortgage you would get a big lump sum check you'd be able to pay off your solar system and save the money from the finance that you're paying on that and have money left over to help until you, you know pass away sorry for the bummer

 

[Yvonne G]

No, I've made promises to my kids. About 20 years ago I traded house with my daughter's family...my large, expensive and paid off house on 5 acres for their small, in need of remodeling and fixing house with a mortgage, on an acre. At that time I promised my son that this house would go to him when I die. Naturally, since he lives in Texas, he would sell it for the money. So a reverse mortgage is out of the question.

 

[Kapidolo Farms]

Try seeing if you can use the Pace program to take the loan from whatever source your current loan is housed at.

http://energy.gov/eere/slsc/property-assessed-clean-energy-programs

In theory the cost is put on your property taxes, and so maybe you can write that off on your income taxes. Or just try to refinance at a lower rate, use a home equity loan (again the interest can be used as an income tax write off) which may be of no value to you.

 

[ZEROPILOT]

It's for Fannie or Freddy mortgages only.
I tried to get qualified a few years ago to redo a bad mortgage on my house in Georgia.
I ended up having to spend quite a bit to refinance.