Home Affordable Refinance Program has
been introduced by the Obama administration as a part of its effort to help
tens of thousands of struggling homeowners refinance their mortgages no matter
even if they are underwater on their mortgage. HARP is thus designed to help
homeowners who owe more than their houses are worth due to fallen home values.
Originally, HARP was introduced much earlier but later, its eligibility
guidelines were changed so as to make it possible for larger population of
homeowners to qualify for it. The changed HARP is called HARP 2.0 mortgage
refinance loan program. Prior to applying for it, a better idea is to know how
HARP works and what it takes to qualify for it. Here is useful information on
the same.
Some of the major changes which are
part of HARP 2.0 mortgage refinance loan program, are no underwater limit,
borrowers could be able to refinance their mortgage regardless of how
underwater they are. Even some appraisal and underwriting requirements might also
be reduced. Certain risk-based fees for borrower who will refinance into
shorter-term loans might be eliminated or modified. Thus if you earlier got
rejected for HARP, you can now take best advantage of HAPR 2.0 refinance
guidelines for eligibility and give it another try. However, prior to applying
for it, it is advisable to enhance your knowledge on other approval criteria of
HARP. You may be eligible for HARP if you meet such eligibility criteria:
1.
Your mortgage must be owned or guaranteed
by Freddie Mac or Fannie Mae.
2. The mortgage should have been sold to Fannie Mae or Freddie
Mac on or before 31 May, 2009.
3. The current loan to value ratio should be above 80%.
4.
At the time of refinancing, borrower
must be current on his mortgage with a good payment history in the past 12
months.
New HARP 2.0 Program to Help Seriously
Underwater American Homeowners Lower Their Interest Rates
It could be advisable for probable
applicant to know such HARP 2.0 refinance guidelines for approval. Over and
above, it is better to understand process requirements of HARP so that you can
make the process of qualifying for it fast and easy. For this, competent
mortgage specialist’s help will be required. A skilled, knowledgeable and experienced
mortgage specialist will help you to learn HARP 2.0 refinance guidelines and
its process requirements. With is guidance, you may find it easy to prevent
possible foreclosure and get a more stable as well as affordable product with
refinancing.
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