What Is The HARP Program?
The Home Affordable Refinance Program 2.0 (HARP 2.0) is designed to assist homeowners in refinancing their mortgages – even if they owe more than the home’s current value.
9 out of 10 of eligible Homeowners fail to take advantage of this government program.
If you are current on your mortgage, with or without equity, then you are eligible for this program.
How Can HARP Help Me?
As the government continues to purchase mortgage backed securities, rates continue to fall and are near record lows.
The HARP program allows you take advantage of current market rates even if you are “underwater”.
These programs are Financial “Life-Changers”. They are also available for a limited time as determined by congress.
Act now to take advantage of the Home Affordable Refinance Program, and lower your monthlypayment and/or term using the Fannie Mae/Freddie Mac Streamline process.
In an effort to help HARP 2.0 to reach more U.S. homeowners, Fannie Mae and Freddie Mac have changed their respective Harp 2.0 mortgage guidelines.
HARP 2.0 requirements allow Fannie Mae and Freddie Mac to no longer require verfication of income from at least one HARP 2.0 borrower. Now HARP 2.0 applicants can provide proof that at least 12 months of mortgage payments exist in reserve for the subject property. This includes the sum of principal + interest payments, monthly real estate tax payments, home owners insurances payments, and any requisite association or community dues.
HARP 2.0 also has fewer documentation requirements. For example HARP 2.0 guidelines no longer require verfication of large desposits that appear on applicant's bank or other asset statements.
The HARP 2.0 guidelines are newer, simpler, and designed to approve more loans so if you were turned down for the HARP program in the past then apply again as you may now meet the requirements.