The HARP loan offers homeowners many benefits.

One of the biggest benefits is the enticing monthly mortgage reduction of up to $355 a month.

Second is the no mortgage insurance. Many home owners discover that refinancing will require them to pay costly mortgage insurance, which protects lenders from an owner’s default. With a HARP loan, you are not required to pay mortgage insurance, even if you owe significantly more than your house is worth.

More flexible underwriting requirements.

To make the program accessible to more people, HARP underwriting guidelines are significantly more lenient than those of traditional refinance loans. This means that borrowers with less than stellar credit or a high loan-to-value ratio are eligible.

Lower closing costs.

Closing costs are capped, which makes the HARP loan an attractive option for home owners who qualify.

No appraisal.

In many cases, there is no appraisal requirement. Skipping the appraisal saves home owners both time and money.

Better mortgage terms.

HARP loans offer more attractive mortgage conditions, such as lower interest rates and shorter loan terms.

Important: Even if you’ve applied for HARP before and were denied, you should try again now. The government has dramatically reduced qualifications for 2018.