HARP 2.0…Who Will This Latest Version Help?

For homeowners whose current mortgage balance exceeds the value of their home…basically,  you’re underwater on your mortgage; HARP 2.0 may be the golden key to a lower mortgage -payment.  If you are current on your mortgage and have been unable to obtain a traditional refinance because the value of your home has declined, you may be eligible to refinance through HARP.

On November 15, 2011, FHFA announced a new and improved version of the Home Affordable Refinance Program to help underwater homeowners who where not able to take advantage of the previous version.  Starting December 1, 2011, all applications for HARP will fall under the new set of guidelines.  The previous program was a disappointment due the LTV restriction of 125%, with HARP 2.0; this restriction has been lifted.

For more information…Click Here.