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Under this program, Government Sponsored Entities will purchase any refinanced mortgage that they own or guarantee when the property is owner-occupied. The borrower must have sufficient income to support the new mortgage debt and the first mortgage cannot exceed 125 percent of the current market value of the property.<\/p>", "inDefinedTermSet": "https://affordablehousingonline.com/glossary" },

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Home Affordable Refinance Program (HARP)

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Under this program, Government Sponsored Entities will purchase any refinanced mortgage that they own or guarantee when the property is owner-occupied. The borrower must have sufficient income to support the new mortgage debt and the first mortgage cannot exceed 125 percent of the current market value of the property.