After the disappointing reach of the original Home Affordable Refinance Program, or HARP, the President took aim to revise the program. The new HARP 2.0 has been announced and is hoping to reach more homeowners in need and bring back a sense of stability to the real estate market and mortgage lending industry.
Will You Qualify?
One of the main issues surrounding the old program was that many homeowners simply didn’t qualify under the current refinancing standards. Since then the standards have been revised to include faster application processing and a broader range of eligibility standards. Under HARP 2.0, you may qualify to refinance a mortgage if:
1. Your loan was closed on or before May 21, 2009.
2. Your payments have not been late for the last six months and have no more than one late payment in the last twelve months.
3. Your loan is either owned or guaranteed by Fannie Mae or Freddie Mac.
4. Your loan adheres to the 2011-2012 conforming loan limits, meaning the terms of your loan “conform” to the mortgage underwriting guidelines of Fannie Mae or Freddie Mac.
If you are struggling with mortgage payments and looking for a solution, consulting with a qualified foreclosure attorney can help determine your options. More information about HARP 2.0 and other programs can be found at http://www.makinghomeaffordable.gov.