Check if You Can Meet the HARP 2.0 Requirements Online
Madison, WI -- (SBWIRE) -- 08/03/2012 -- The Obama administration intends to help struggling homeowners to get more stable product by replacing existing troublesome mortgage with an affordable mortgage and to avoid losing their valuable homes to foreclosure. To help distressed and underwater homeowners who could not get benefited with HARP because of its stringent guidelines, the President unveiled HARP 2.0 plan in October 2011, a revamp of original HARP introduced in 2009. If you earlier couldn’t qualify for The Home Affordable Refinance Plan 2.0, you can start it all over again with new HARP. But, you need to understand its eligibility guidelines first.
To get approved for refinancing under the Obama refinance program HARP, mortgage should be owned or guaranteed by Freddie Mac or Fannie Mae. Moreover, mortgage needs to have been sold to Freddie Mac or Fannie Mae on or before May 31, 2009. Homeowners’ current loan-to-value ratio must be greater than 80%. Furthermore, he must be current on his mortgage payment with positive payment history in the last 12 months. Homeowner should not have even a single late payment (exceeding 30 days) on his mortgage within the last 6 months; a one late payment in the last twelve months will qualify him as per the Home Affordable Refinance Plan 2.0 guidelines. Mortgages which were earlier refinanced under HARP cannot be refinanced under the HARP 2.0. Even, end date of the program is also extended to 31 December, 2013.
HARP 2.0 aims at helping households looking for relief in mortgage payments because they may find it difficult to keep up with unmanageable monthly payments and higher rates of interest on existing mortgage. There are also other traditional mortgage refinance programs which borrower can pay attention to. These programs are being offered by a wide range of private lenders throughout U.S. Apart from refinancing, there is also a provision of modification under federal government’s Making Home Affordable MHA program, for borrowers who wish to modify their mortgage payments to make them affordable enough so that they hold homeownership while making regular payments on existing mortgage itself.
Check Your Eligibility To Qualify For HARP 2.0
Instead of getting information on a single refinance program and applying for it which could lead you to more mortgage troubles and increase your chances of facing foreclosure, you should explore more refinancing options for your situation and compare them. Additionally, you may find it tricky and challenging to meet HARP 2.0 requirements because of not being familiar with enough information on the subject. Few online mortgage service firms have years of experience in providing refinancing help to borrowers by bridging the gap between borrower and mortgage experts. A reliable expert could help you to select the best option for you and understand its eligibility criteria.
Getting qualified for the Home Affordable Refinance Plan 2.0 and completing approval process correctly as well as accurately is not that easy. It will be in your favor to take help from a mortgage specialist who will scrutinize severity of mortgage troubles faced by you and then will help you to choose the right refinance program. If you have specialist to assist you in the HARP 2.0 plan process, you are likely to get fast approved because specialists are well-versed with HARP 2.0 requirements and overall approval process.