HARP 2.0 Loan Refinance Program
HARP Refinance Program 2015
Government home loans for underwater mortgages.
Are you “underwater” or “upside down” in your home mortgage?
If you owe more than your house is worth, or if your loan balance is at least 80% of the value of the property, you may qualify for a government home loan program called HARP (Homeowners Assistance Refinance Program). HARP 2.0 was set up to assist homeowners in conforming loans who are having trouble refinancing their existing mortgage due to not having adequate equity in their properties. The original HARP had more stringent qualification guidelines which prevented many underwater home owners from refinancing through the program, so they introduced HARP 2.0 with less strict guidelines.
We provide harp 2.0 refinancing options for homeowners in the following states:
Alabama, Arkansas, California, Colorado, Florida, Georgia, Kansas, Louisiana, Iowa, Illinois, Indiana, Maryland, Minnesota, Mississippi, Nort Carolina, New Hampshire, New Mexico, Oklahoma, Oklahoma, Oregon, Ohio, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin, Wyoming.
Below are the main qualifications that you must meet in order to be eligible for a HARP 2.0 refinance:
- Have no late payments in the last 6 months, and a maximum of one late payment in the last 12 months. If you have had a late payment, or are currently behind on your mortgage, it does not mean that you will not qualify for HARP – it just means that you need to get your mortgage current, and not have any more late payments. The current HARP 2.0 refinance program is through December 31st, 2013. So if you have had one late payment, you may still have a chance. Also, there is a promising outlook that there will be a HARP 3.0 loan program coming out soon, which is speculated to have less barriers for refinancing through the program. However, we do not recommend that you count on that though, so do all that you can to refinance through HARP 2.0.
- Your home loan must be owned or guaranteed by Fannie Mae or Freddie Mac. If you would like to check to see if you current mortgage is owned or guaranteed by Fannie Mae or Freddie Mac, you can check through the links provided below:
Fannie Mae: https://www.knowyouroptions.com/loanlookup
Freddie Mac: https://ww3.freddiemac.com/corporate/
- The mortgage has to have been sold to Fannie Mae or Freddie Mac before May 31st, 2009. You can check the sale date of you current mortgage through the above links.
- Your current LTV (loan-to-value) must be 80% or greater. This means you can not have more than 20% equity in order to qualify for a HARP refinance. Fortunately, there is no limit to how upside down you are. So if your loan balance is even double that of your home’s worth (so a 200% LTV), this will not disqualify you from refinancing through HARP 2.0.
- Second Lien Subordination. If you have a second mortgage, they must agree to have their lien re-subordinate when you refinance through HARP 2.0. This should not be an issue with most lenders since they are already subordinate to your first mortgage, and there is no reason for them to oppose to the new loan as long as your payments and rate is lowered.
- Your mortgage must have not been previously refinance through HARP (the only exception is mortgages owned by Fannie Mae that were refinanced through harp between the months of March-May in 2009).
If you can answer yes to all of the above prerequisites, you may qualify to refinance your home loan through the HARP program. We can assist you through the process of determining if you are eligible to refinance through the HARP program. If you qualify, we can help you refinance through your lender.
Please call one of your mortgage advisers. You can also email us at firstname.lastname@example.org or you can request for us to contact you by submitting your information here.
HARP 2.0 Refinancing Questions:
Question: Are investment properties included, or does it have to be an owner occupied residence to qualify for the program?
Answer: Yes, investment properties are included through HARP 2.0
Question: Do FHA loans qualify for HARP 2.0 refinancing?
Answer: Unfortunately, no they do not. FHA loans are not owned by Fannie Mae or Freddie Mac so they do not qualify for the HARP 2.0 program. FHA loans are securitized through Ginnie Mae. If you would like information on FHA loans click here.