What is HARP 2.0 and How Could It Affect You or Someone You Know?

HARP stands for Homeowner Affordable Refinance Program and it is designed to help those homeowners that have been unable to get traditional refinancing due to the decrease in their home value and may not have enough equity or no equity at all. Homeowners can actually be upside down on their mortgage and still be eligible for this program.

Who is eligible?

  • Mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae or must have been sold to either on/ or before May 31, 2009.
  • Mortgage cannot have been refinanced under HARP previously.
  • Current loan to value ratio needs to be greater than 80%.
  • Borrower must be current on their mortgage at the time of the refinance with a good payment history in the past 12 months.

As of January 2012 HARP guidelines have changed with the intent of reaching more underwater homeowners. The expanded HARP program – also referred to as HARP 2.0 -has NO loan to value restrictions! This loan program will also allow for more appraisal waivers than in the past.

Call me for more information on this important program and I can refer you to a couple mortgage lenders that can be of help to you. I would suggest if you qualify that you not wait to start the process.

This program will create a backlog eventually since it is coupled with the all time low interest rates.

You can click on this additional website for more information :


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