HARP 2.0

The Home Affordable Refinance Program (HARP) has been extended until December 31, 2013 and allows homeowners to refinance into low mortgage interest rates even if the property has decreased in value.

Established in 2009, for Fannie Mae and Freddie Mac, the Home Affordable Refinance Program provides an option for homeowners to refinance “Under Water Mortgages”. A HARP 2.0 Refinance addresses situations where the homeowner’s property value has fallen causing them to no longer to qualify under traditional underwriting criteria. Homeowners with a loan owned by Freddie Mac or Fannie Mae have the opportunity to refinance.

The following criteria must be met to qualify for the Home Affordable Refinance Program:

  • A HARP refinance only applies to Fannie Mae or Freddie Mac mortgages.
  • Your loan must have been originated prior to June 2009.
  • The homeowner must be able to afford the new lower payment.
  • The current mortgage must be up to date with no late payments in the past twelve months.
  • Payments on the new loan must be more affordable or more stable than on the existing loan.
  • The maximum Loan to Value (LTV) cap has been removed on home owners looking to refinance in to a fixed rate mortgage.
  • However for homeowners looking to refinance in to an adjustable rate mortgage the maximum LTV is set at 105%.

Click the following links to determine if your loan is owned by Fannie Mae or Freddie Mac to further evaluate your HARP 2.0 eligibility.

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Loan Amount: How much do you want to borrow? Example: 150,000 (You can borrow up to 100% of the purchase price of your home. You will find better interest rates at 95%, 90%, and 80% progressively.)

Property Value: This is the purchase price of your property or your best estimate of the appraised value of the property. Example: 175,000.

Loan Type: Selecting Refinance WITH CASH OUT may increase your rate. If you want some extra cash to pay the closing costs on your new loan, this would NOT be considered receiving extra cash.

Escrow/Impounds: Allows you to pay 1/12 of your annual property taxes and homeowners insurance with your mortgage payment each month. Escrowing your taxes and insurance will lower your points by .25%

Property State: Specify the State where the property is located

Property County: Specify the County where the property is located


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