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HARP 2.0 – What We Know Now That It Is Available
 
 
As we have chronicled in recent weeks, HARP 2.0 is now fully here and homeowners are now closing loans through this new government refinance program. Please read previous articles at: http://activerain.com/blogs/strategicmortgage for complete coverage of HARP 2.0. However, the basic breakdown of the program is that it is a program for homeowners who have Fannie Mae or Freddie Mac owned loans and who are upside down in their homes (regardless of occupancy).
 
 
 
Now that the program is a few weeks old and homeowners have already begun fully closing their loans with this new program, we are beginning to learn more and more about the program. Below is a little bit of that additional information we have found so far.
 
 
 
The program actually does work, unlike many of the previous government initiatives to modify home loans, which have all failed in their own ways. This program is different in that it  is a refinance program. While the standards are relaxed, borrowers do still have to qualify for the new loan and so in that way this program is more of a streamlined refinance transaction. Not all borrowers will qualify, but we are seeing that ... more

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