Extension of HARP 2.0 Program Till 2015 Cause More Lenders to Participate in Stabilizing the Housing Situation


Homeowners, Troubled With The Fact That Their Home Value Is Much Lower Than The Value At Which It Was Purchased, Can Still Hope For A Refinance With HARP 2.0 Program. Normally, Finding A Lender Ready To Refinance An Underwater Home Is Improbable. This Is Exactly Why Refinancing Through HARP Becomes An Unique Opportunity

Borrowers with little to no equity in their homes, too, can take advantage of prevailing low-interest rates and other refinancing benefits, through the HARP 2.0(Home Affordable Refinance Program). HARP 2.0 is a part of the Making Home Affordable(MHA) Program put forth by the Obama administration. Owing to the announcement of an extension till December 2015, HARP 2.0 plan is expected to have more lenders participating for it, which will benefit more and more homeowners. Earlier it’s availability was limited till the period of December 2013.

Get Mortgage Refinance With HARP 2.0 Today Easily, Know More

Borrowers, who are troubled with underwater mortgages or credit history or a financial crunch, should try to take advantage of the HARP 2.0 Program. Homeowners, who can comfortably manage to pay their mortgages but are unable to get conventional refinancing, can apply for the HARP plan to benefit from the prevailing low mortgage interest rates. Homeowners who are struggling to repay other loans while trying hard to be regular on mortgages can refinance through HARP for a better low-cost, low-interest mortgage plan. This will help them to save cash every month, which can be utilized to pay off any lapse in payment of other loans. Naturally it will improve their credit rating. Another aspect of a mortgaged home, which has a pending loan amount greater than the free-market value it commands, is that it can lead to a foreclosure if mortgage payment becomes difficult for the borrower. The plunging value of the home prevents the homeowner from selling, unless one is ready to ignore the loss. The HARP 2.0 plan helps to bring what is owed more in line with what should be owed, considering the present valuations. So it helps homeowners to secure a new, more affordable and more safe mortgage plan. Mortgage refinancing through HARP is therefore a useful option to a varied class of borrowers.

Some eligibility criteria to qualify for HARP refinancing are mentioned below for your convenience.

The Ratio of the current loan amount to the value of your home (LTV ratio) should be greater than 80%.

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.

To take advantage of these measures introduced by the Obama administration, borrowers should know more about the eligibility guidelines and application requirements that would be relevant to their individual case. 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 program,




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