The highly anticipated revised Government refinance plan, HARP 2.0 is coming out next month. It is receiving a lot of attention but the big question is....will it work? The requirements have been lowered in many areas but it has yet to be seen if lenders will offer the terms the Government is asking them to. Participation in the program is voluntary for lenders and each will put their own "overlays" over the requirements. Overlays are additional requirements that lenders put in place to lessen their risk. Lender specific guidelines are due out in early March.
The main benefit of HARP 2.0 is that you can qualify regardless of how far underwater your home is. In other words, if you owe more on your mortgage than your house is worth, you can still qualify. There are other criteria one must meet to get a final approval. It is certainly worth looking into the program if you have not been able to take advantage of refinancing. You can save thousands a year by taking advantage of current interest rates. A personalized HARP analysis is available at no charge and can be obtained through the presentation below.
You can find out more about the program by clicking on the short informative presentation below. If you have any questions, please feel free to call me at (954) 608-3934.
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