Homeowners
who are striving to stay current on their mortgage, in a situation where
homeownership is increasingly becoming unaffordable after failing to get
conventional refinancing owing to underwater mortgages, needn’t lose heart. HARP
2.0 refinance decision would allow you to replace the present loan with a new,
more affordable loan plan, no matter how far underwater you are. It would help
you to maintain a good credit rating too. For responsible homeowners, who have
strived to be regular with their payments inspite of a glaring difference
between the value of their property and the value owed as loan, this is definitely
a good opportunity. The Obama administration put forth the HARP 2.0 refinance
option to bring what is owed more in line with what should be owed, considering
the present valuations. So, it would be prudent to take advantage of this
program. However, hopeful aspirants should collect relevant information about
qualifying for the program to make sure that their application doesn’t get
rejected.
HARP
2.0, an extension of MHA(Making Home Affordable) program, was put into effect
to help thousands of borrowers to refinance for a better, more affordable loan
plan, when refinancing was beyond their reach due to the declined home value. With
the announcement of an extension, till December 2015, for all MHA programs,
borrowers can now hope to find a wide range of lenders ready to offer HARP 2.0
mortgage refinance loan program. Many of the stringent eligibility guidelines, that
the borrowers faced in the earlier version of HARP, have been removed from HARP
2.0.
To
be eligible for HARP, all of the following criteria should be followed:
Your
mortgage should be owned or guaranteed by Freddie Mac or Fannie Mae.
Your
mortgage should have been sold to Fannie Mae or Freddie Mac on or before May
31, 2009.
Your
mortgage should not have been refinanced under HARP previously, unless it is a
Fannie Mae loan that was refinanced under HARP from March-May, 2009.
Ratio
of the current loan amount to the value of your home (LTV ratio) should be greater
than 80%.
You
must be regular on mortgage payments, at the time of the refinance, with a good
payment history of past 12 months.
To
know more about the eligibility guidelines and application requirements, you
should take guidance from the specialists. They can be located on the net and
would be able to guide you towards a better mortgage plan. Although, HARP 2.0 Refinance is proclaimed as the perfect cure for the dismal underwater mortgage
scenario, it is not so easy to qualify for the same without proper preparation.
To benefit from a team of competent loan refinance experts, who are very familiar
with the legal rules and regulations that apply to HARP 2.0 mortgage refinance
loan program, read www.obama-loanmodifications.com
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