The HARP 2.0 plan is a federal home refinance program that permits qualified homeowners with “underwater” mortgages to take advantage of lower sustainable home mortgage interest rates for reducing monthly payments drastically and save practically hundreds of precious dollars annually. Quick way to know about harp 3.0 mortgage refinance online.
There are two major differences between the HARP 1.0 and mortgage HARP 2.0. Unlike the HARP 1.0 plan, the new HARP 2.0 program allows homeowners, who have mortgage insurance, to qualify for home refi loans. Secondly, new lenders are not responsible for any kind of financial or underwriting frauds, which may have taken place during the first or original housing loan.Get Quick Approval
Although at this juncture, one can only guess whether the HARP 3 Program will ever be a reality, chances is that the following borrower types may actually benefit if implemented.
Although LTV and DTI requirements have been removed for HARP 2.0 eligibility, the original home mortgage must be a Fannie Mae or Freddie Mac insured loan. Bedsides, applicant has to be current on existing monthly mortgage payments for the last 12 months to stand any chance of getting approved for new harp 2.0 refinance program.
To get benefitted with the new government initiative, some basic HARP 2.0 eligibility requirements have to be satisfied by probable applicants. These are as under:
The HARP 2.0 refinance is a revamp of the erstwhile Home Affordable Refinance Program, which was put into effect by the Obama administration to help financially struggling homeowners who were finding it difficult to deal with high interest rate home mortgage debts resulting from the bursting of the real estate bubble.
HARP eligible borrowers could refinance their homes to substantially lower interest rates even if they owed more on homes than their actual market worth. Unfortunately, the HARP guidelines were stringent and could not reach out to millions of homeowners across America with underwater mortgages. Hence, the HARP criteria were moderated.
Find best options online to refinance your mortgage with bad credit.