Is HARP 2.0 Right For You?
HARP 2.0 is the second version of the Home Affordable Refinance Program that is designed to reach even more homeowners who need refinance help. Many bought houses during the housing boom and now are struggling with high interest rates. Many homes purchased during the housing boom are now worth less than what is owed on mortgages, making it difficult for homeowners to refinance and take advantage of lower interest rates. If you are one of these homeowners a question you will be asking yourself is, “is HARP 2.0 right for me?”
Requirements To Be Considered for the Home Affordable Refinance Program 2.0
In order to be considered for HARP 2.0 your loan must be owned by Fannie Mae or Freddie Mac. You must also be up to date on your loan payments, and you have not been a month or later with a payment in the last six months. HARP 2.0 does not have a limit on the loan to value ratio. So if you were unable to refinance under the first Home Affordable Refinance Program because of your high loan to value ratio, you may be able to refinance now under HARP 2.0.
If you’re considering refinancing with HARP 2.0 you do not have to go through your loan provider, so you can seek out the best rate for your mortgage situation. Start your research today by contacting a loan provider who is offering the HARP 2.0 to learn more about your eligibility.