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Simplified HARP 2.0 Refinance Program To Get Rid Of Mortgage Debts-Avoid Foreclosure Now

Industry: Financial Services

The HARP 2.0 refinance program is the Obama administration’s renewed bid to help salvage the sagging housing market.

United States (PRUnderground) February 18th, 2013

“In an all out effort to help almost 3 to 4 million financially struggling homeowners across the United States, the President revealed the revamped version of the erstwhile HARP of 2009, to expand its reach to borrowers whose homes have developed negative equities thereby rendering them unable to refinance at lower rates through conventional means.”

The Obama administration rolled out the HARP 2.0 refinance program to cover up for the failure of its earlier version, the HARP plan of 2009. The renewed schedule, with simplified qualification criteria, has been met with a much greater degree of success than its predecessor if reports are to be believed. As per figures released by the Federal Housing Finance Agency almost 20% of the home refinancing reported during the May of 2011, were under the HARP 2.0 plan. The FHFA believes that the program is estimated to reach out to at least 3.5 top 4 million financially distressed homeowners across the United States. To that effect, one must know what the HARP 2.0 actually is and the manner in which it can help mitigate mortgage woes.

What is HARP 2.0?

The HARP 2.0 is a complete revamp of the erstwhile HARP which is specifically designed to assist homeowners who are deeply “underwater” on their existing mortgages. Borrowers, whose home values have fallen and currently owe more on their mortgages than their actual worth, could take advantage of the revamped HARP program if they are struggling to pay back their mortgage debts and unable to get their homes refinanced at lower rates through conventional means. By qualifying for the HARP 2.0, a borrower could get access to the lowest possible interest rate in the mortgage industry that will enable him to reduce his monthly payments substantially and save thousands of dollars annually. However, probable applicants will first have to determine their qualification for receiving government mortgage relief assistance.

Get started to determine your eligibility for the HARP 2.0 program online today!

Who may be eligible for HARP 2.0?

According to the HARP 2.0 eligibility guidelines, only those borrowers could qualify for the program, who satisfy the below mentioned aspects.
  1. Present mortgage loans are owned or guaranteed by either Fannie Mae or Freddie Mac.
  2. Existing mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
  3. Homeowners should be current on their monthly payments during the past 12 months. Only one single payment default not exceeding a period of 30 days is allowed.
  4. Except Fannie Mae loans which were refinanced between March and May 2009, all other loans which have been refinanced under HARP earlier are not eligible.
Besides, under changed rules and regulations, all HARP 2.0 lenders may approve applications even if borrowers owe more than 125% on their homes. There are now Loan-To-Value (LTV) restrictions and requirements for the Debt-To-Income (DTI) ratio have also been slashed. Homeowners whose DTO ratios are in the range 25% to 32% can also apply. However, to improve chances of securing an early approval, probable applicants must prepare and furnish correct as well as accurate paperwork. This might necessitate the urge to seek help from some competent local specialist who has knowledge of the updated process requirements. To simplify your task, you may search for some reliable and reputable mortgage service.
To get more valuable information on the current HARP 2.0 refinance program rates, it is hereby recommended to utilize the professional services offered by reputed online service providers like Obama-loanmodification.com.
Obama-loanmodification.com is one of the premier mortgage service providers in the country, which focuses on educating borrowers on the techniques to improve chances of qualifying for various government mortgage relief programs. The firm has till date, enabled tens of thousands of borrowers in learning how to simplify the task of getting approved for home loan modifications as well as refinancing loans apart from several other federal alternatives with valuable expert advice.

About Obama-loanmodifications.com

Obama-loanmodification is a leading mortgage service provider in the United States which has been in business for over seven years. Till date, the firm has helped tens of thousands of borrowers in getting educated for finding affordable mortgage interest rates and hence, significantly reduced monthly payments. Consumers, who are interested in knowing more about low rate home refinancing.

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