Are you a landlord struggling to pay your mortgage payments due to the COVID-19 pandemic? If so, you may be eligible for the Rental Home Refinance Home Affordable Program (RH Rental HARP). This program allows landlords to refinance their rental properties at a lower interest rate, potentially saving them thousands of dollars each year. In this article, we will give you a comprehensive guide to the RH Rental HARP program and how it can benefit you.
What is the RH Rental HARP Program?
The RH Rental HARP program is a government-backed initiative that aims to assist landlords in refinancing their rental properties. The program was introduced in response to the COVID-19 pandemic, which has caused financial difficulties for many landlords. The RH Rental HARP program allows landlords to refinance their rental properties at a lower interest rate, which can help to reduce their monthly mortgage payments and make it easier for them to keep their properties.
Who is Eligible for the RH Rental HARP Program?
To be eligible for the RH Rental HARP program, you must meet certain criteria. Firstly, you must have a mortgage on a rental property that you own. Secondly, the property must have been rented out for at least 12 months prior to the application. Thirdly, you must be current on your mortgage payments and not be in default. Finally, you must be able to demonstrate that you have suffered a financial hardship due to the COVID-19 pandemic.
What are the Benefits of the RH Rental HARP Program?
The RH Rental HARP program has several benefits for landlords. Firstly, it allows them to refinance their rental properties at a lower interest rate, which can save them thousands of dollars each year. Secondly, it can help to reduce their monthly mortgage payments, making it easier for them to keep their properties. Finally, it can provide them with some financial relief during these challenging times.
How to Apply for the RH Rental HARP Program?
If you are interested in applying for the RH Rental HARP program, you should contact your mortgage servicer. They will be able to provide you with more information about the program and guide you through the application process. You may need to provide documentation to demonstrate that you meet the eligibility criteria and have suffered a financial hardship due to the COVID-19 pandemic.
Conclusion
The RH Rental HARP program is a valuable initiative that can help landlords to refinance their rental properties and save money on their mortgage payments. If you are a landlord who has been affected by the COVID-19 pandemic, we encourage you to explore this program and see if you are eligible. Contact your mortgage servicer today to learn more about this program and how it can benefit you.