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HARP 2.0 Refinance Program : Enhance Chances of Qualifying Today

You can think of applying for the HARP 2.0 refinance plan if you are a homeowner who is deeply underwater on your existing mortgage, meaning thereby that you owe more on your home than its actual market worth. Regardless of how much you might owe on your house, it is possible to get approved for the federal HARP 2.0 program. Nevertheless, obtaining a HARP 3.0 approval may not be that easy as there are some stringent conditions that need to be met.

Mortgagrefinance101 can assist you to improve your chances of getting benefitted with low HARP 2.0 refinance rates for saving your home.

harp 2.0 refinance guidelines online

Learn About the 5 Basic Harp 2.0 Eligibility Requirements Online Now

  • Only those mortgages which are insured or guaranteed by Freddie Mac or Fannie Mae qualify
  • Existing home mortgage loan must have been approved on or before the 31st of May 2009.
  • Homeowner must be current on monthly mortgage payments for the last 6 months, only one late payment is permitted during the last 12 months.
  • Homeowner must not have refinanced houses under the previous HARP program
  • Present home mortgage has to be at least 80% of the house’s market value.

Benefits Offered By the Mortgage Refinance HARP 2.0 Program

By now everyone knows that HARP 2.0 refinancing interest rates are among the lowest in the entire mortgage industry. However, many people might not be aware that by qualifying for this federally supported plan, few other benefits can be accrued as well. Here is some vital information pertaining to the same.

  • You can save money as there is no need to spend money on mortgage insurance premium as that will be paid by federal government and new monthly payments are substantially lower.
  • Apart from low interest rate, you also have the option to select shorter loan repayment term so as to get rid of the loan quickly and build credit much faster.
  • You have the chance to shift form a high interest adjustable rate mortgage (ARM) to a low interest fixed rate mortgage (FRM) and thus, secure stable and predictable monthly mortgage instalments.

Learn How to Meet the HARP 2.0 Qualifications Online

At Mortgagrefinance101, we may help you to know the guidelines that are to be met for taking advantage to refinance with harp 2.0 online. Accordingly, you must make sure that:

  • Current mortgage has been secured prior to 31st of May 2009.
  • Existing mortgage is owned by either Fannie Mae or Freddie Mac, check with them.
  • You haven’t refinanced with HARP earlier, only Fannie Mae mortgages secured between March and May 2009 can be eligible for HARP 2.0 loans.
  • Make sure that you have regularly paying monthly instalments on your existing home mortgage for the past 1 year.
  • Under HARP rules and regulations, only one late payment is permitted for the last 12 months and there must be been no late payment during the last 6 months. Ensure that you satisfy this criterion.
  • HARP 2.0 loan could be easier to get if the Loan-To-Value or LTV ratio is more than 80%.

Know What Exactly HARP 2.0 Mortgage Refinance Plan Do for Borrowers

The home affordable refinance program HARP 2.0 can help homeowners to take advantage of historically lower interest rates and reduce monthly mortgage payments drastically to save hundreds of dollars annually. Besides, by qualifying for the federally supported HARP 2.0 mortgage refinancing plan, eligible borrowers can:

  • Lower mortgage interest rates even if they are unable to refinance through conventional means.
  • Opt for shorter loan terms without effecting any major changes to monthly mortgage instalments.
  • Save money by switching over to a fixed interest rate home loan from existing variable rate loan.
home affordable refinance program harp 2.0

Understanding the HARP 2.0 Program Requirements Vis-A-Vis LTV Ratios

When exploring possibility of getting approved for the home affordable refinance program 2.0, you may come to know that all HARP participating lenders have some basic LTV ratio conditions. These LTV requirements are likely to vary depending on terms offered for the new refinance home loan as are mentioned below:

  • HARP 2.0 lenders will approve application only if LTV ratio is over 80%.
  • No LTV limits for fixed rate mortgage loans with terms up to 30 years.
  • LTV limits for FRMs with loan durations between 30 to 40 years are 105%.
  • LTV limits for ARMs with initial fixed rate terms of 5 years and loan terms up to 40 years are 105%.

To get more valuable information regarding the current status of HARP 2.0 mortgage rates for refinancing homes to lower rates, consult a mortgage specialist by fixing an appointment!

How HARP 2.0 Mortgage Refinance Loan Program Differs from HARP 1.0?

There are two major differences HARP 1.0 and HARP 2.0 versions. These are as follows:

  • Unlike the previous HARP 1.0 version, the newer version permits borrowers to refinance homes to lower interest rates if they have secured mortgage insurance. This means number of homeowners with HARP 2.0 eligibility will increase.
  • If a fraud has been committed while underwriting the first or original mortgage loan then the new refinance loan lender cannot be held responsible. New loan dealer will be accountable only if fraud occurs when underwriting the new refinancing loan.

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