HARP 2.0 Mortgage Refinance Loan Program
Since its inception, HARP(Home Affordable Refinance Program) has helped borrowers to gain better mortgage loan plans. However, it is a fact that the present version, HARP 2.0 mortgage refinance loan program, can afford to include more house owners into it’s ambit. The earlier versions had strict eligibility guidelines, so thousands of homeowners got excluded. Underwater mortgage above 25% was deemed ineligible.
Today the U.S administration expects homeowners to not only hold on to their homes, but also to benefit financially from the various programs that have been put in place in lieu of the housing crisis. The housing market is expected to pick up business and restore the economic situation as well. The HARP 2.0 mortgage refinance loan program is one of a kind program that serves the purpose of providing refinance solutions to homeowners who are stuck with expensive or underwater mortgages. It helps homeowners to secure a new, more affordable and more safe mortgage. Lenders who weren’t keen to refinance on underwater mortgages before the arrival of this program are now ready to consider even deeply underwater mortgages. Saving a sizeable amount, every month, through lowered mortgage payments can help you in many ways. It can ensure timely repayments, or contribute towards investing in some saving scemes. The availability of this plan has now been extended till December 2015. Earlier, the plan was meant to be effective till 2013.
HARP, a module of Making Home Available(MHA) program can definitely help you get that loan plan. Borrowers who are thinking about refinancing their homes through HARP 2.0 should familiarize themselves with the HARP 2.0 refinance guidelines mentioned below. To be eligible:
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.
You must be regular on mortgage payments, at the time of the refinance, and should be able to show a good payment history of past 12 months
You should also be aware that to refinance under HARP 2.0 Program, a loan application and underwriting process is required. Also remember that refinance fees will apply, for the same.