Harp 2.0

HARP 2.0

The Federal Government enacted the Home Affordable Refinance Program (HARP) in March 2009. The aim of this program is to help homeowners who are underwater or near underwater on their mortgages get refinance loans so they can take advantage of the record low rates in today’s lending environment.

In March 2012, HARP 2.0 guidelines went into effect. Here are some key guidelines of Fannie Mae’s version of the program (known as the “DU Refi Plus”):
  • The current loan being refinanced must have been guaranteed by Fannie prior to June 1, 2009
  • You are not allowed to “combine” mortgages (i.e. payoff a 1st and 2nd into one)
  • Existing second mortgages must be re-subordinated
  • Primary, second home and investment properties are eligible
  • No late payments the last 6 months and only 1 30 day late the last 12
  • Dropping of co-borrowers IS allowed if they’ve made the last 12 payments on their own
  • The addition of a borrower IS allowed provided the original borrower remains on the loan
  • Property Inspection Waivers (or PIWs) can be used in many cases, which means a new appraisal won’t be required to refinance

Is your mortgage eligible to be refinanced through HARP 2.0?

If you’re a homeowner and would like to know if your current mortgage is eligible to be refinanced through HARP 2.0, click here to get started and a member of our Team will contact you within one business day. It’s that simple! Come on, Call The Money Man, and let us show you what makes us different.


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