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Eligibility guidelines that apply to the Home Affordable Refinance Program 2.0 program have been amended to make it convenient for millions of financially struggling homeowners to refinance homes at lower interest rates and flexible terms. The new rules and regulations may now permit refinancing to even those who owe more than 125% money on their homes.
It’s necessary that you get updated HARP 2.0 information if you are considering applying for the home affordable refinance program of 2012. Some vital changes have been effected to the revised HARP schedule and those are expected to benefit millions of homeowners across United States who could be still struggling to pay their monthly mortgage payments regularly. Remember, by qualifying for the HARP 2.0 Plan, one could be able to refinance his home even if there is no equity left in his home and he owes more on his home than its actual worth. But for that you need to know what the latest HARP rules and regulations mean to you.
The amended HARP 2.0 qualifications do not impose any restrictions on LTV caps for refinancing homes. Earlier, many borrowers could not refinance homes if they owed more than 125% mortgage debts. Besides, the new HARP guidelines have completely got rid of home appraisals, to refinance with it, home values need not be appraised. But still underwater homeowners will have to ensure that their existing home mortgage loans have been sold to Fannie Mae or Freddie Mac before the 1st of June, 2009 and that they have not missed a single monthly mortgage payment during the last 6 months. And to refinance with HARP, the minimum LTV requirement is 80%.
Additionally, to qualify for the HARP 2.0 program, even the Debt-To-Income (DTI) ratio requirements have been changed. The new HARP rules and regulations will permit refinancing if the DTI of the applicant is in the range 25%-42%. There may many such relaxations which borrowers could take advantage of and to that effect, if you are considering applying for the revamped HARP, it could be better if you had some fair idea of these. This may help you to enhance your chances of qualifying for a low interest rate home refinance loan from some suitable mortgage servicer. Your mortgage interest rates s will get reduced and so will your monthly installments.
On the internet, there may be firms which provide HARP 2.0 information to teach people how to qualify for the HARP 2.0 program. You may search for such services and get assisted to explore chances of getting qualified for the plan so as to avoid a possible foreclosure of your home. Such agencies employ specialists who could be thoroughly well versed with the updated HARP eligibility guidelines and process requirements. However, you need to make sure that you are working with a mortgage service provider that is totally reliable and reputable.
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