HARP Program New & Updates
HARP 2.0 Mortgage Program Announced
In October 2011, President Obama announced that he would be extending the HARP mortgage program. Also known as, “HARP 2.0.” Not only is the program going to be extended until December 31, 2013, but the criteria for qualifying for the program has been made easier as well.
Now, no matter how “under water” you are, you can still qualify for a HARP loan. This means if you owe $225,000 on your existing mortgage, but your house is only worth $180,000, you can still get approved for this special loan.
For many, the opportunity to refinance was previously out of reach. Not because they didn’t pay their mortgage, but because they didn’t have the equity available to obtain traditional financing. With HARP 2.0 responsible homeowners are now eligible regardless of how much their home is worth. You now have an opportunity to take advantage of the lowest rates in history.
Here are some of the criteria you need to meet in order to qualify for the new HARP program.
- Your existing mortgage MUST be owned by Fannie Mae or Freddie Mac. Please keep in mind, that this is different from who you send your mortgage payment to. Your mortgage servicer is not necessarily who owns your loan.
- You must have obtained your mortgage prior to May 31, 2009. If you received your loan after this date you will not be eligible for the HARP program.
- You must be current on your existing mortgage at the time of the refinance. You also must have a good payment history over the past 12 months.
- If you have PMI or LPMI you can now qualify for HARP. Fannie Mae and Freddie Mac have made deals with the mortgage insurers enabling those with PMI to refinance.
