It’s easier than you might think. In fact, there are estimates that more than one million homeowners could qualify for and take advantage of a HARP 2.0 home loan that have yet to apply. But for those who aren’t sure if they do, perhaps it’s because the initial HARP program kept millions more out of the program.
The original Home Affordable Refinance Program, or HARP, was introduced in 2009 for homeowners who were “upside down” with their mortgage. In other words, they owed more on the mortgage than the home was actually worth. Conventional loans require at least a 10 percent equity position in order to refinance. The HARP program was introduced that allowed homeowners to take advantage of lower mortgage rates as long as the new HARP loan didn’t exceed 125% of the current market value of the home. That means a home worth $100,000 could still refinance an upside down mortgage as long as the new loan didn’t exceed $125,000. While that helped, it still wasn’t enough.
Housing values took such a hit that borrowers still needed more help and the 125% guideline didn’t help. Adjustments were needed and adjustments were made. HARP 2.0 allows borrowers to refinance regardless of the loan-to-value ratio. No more 125% limit. In fact, HARP 2.0 doesn’t even require an appraisal. But borrowers had better hurry as the program is scheduled to end on December 31st of this year.
There are a few basic requirements but the process is much easier compared to getting an approval for the original mortgage. The most important is the loan must be owned by Fannie Mae or Freddie Mac. Remember, who you send your mortgage payments to is your loan servicer, not necessarily the entity that owns your loan. Both Fannie and Freddie allow homeowners to see if their loan is indeed owned by either. There is no minimum credit score requirement but there can be no more than one payment made within the past 12 months listed as more than 30 days past the due date and no such payments within the previous six.
No credit scores, no appraisal and no employment verification. If you’ve been holding back because of the original guidelines, there’s still time to take advantage of this special program.
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