What Exactly is HARP 2.0?

Many homeowners have heard about a government program called “HARP 2.0″, but most do not yet realize how it may be able to help them.

HARP = Home Affordable Refinance Program.  Discover some of the frequently asked questions about this program below.

What is HARP 2.0?

According to www.makinghomeaffordable.gov, the official website of HARP:

“If you’re not behind on your mortgage payments but have been unable to get traditional refinancing because the value of your home has declined, you may be eligible to refinance through MHA’s Home Affordable Refinance Program (HARP).”

The program is intended to help borrowers who owe significantly more on their home than what it’s currently worth.

Who is eligible for the HARP program?

• You have a mortgage owned or guaranteed by Fannie Mae or Freddie Mac.
• You do not have an FHA, VA or USDA loan.
• You are current on your mortgage payments and have not been more than 30 days late making a payment over the last year.
• Have a first mortgage not exceeding 125 percent of the current market value of your home.
• The refinance will improve the long-term affordability or stability of your mortgage.
• You have the ability to make the new payments
• Effective March 2009 – June 30, 2012.

How do I know if Fannie Mae or Freddie Mac has my mortgage?

Fannie Mae and Freddie Mac have “lookup” forms on their respective websites. Check Fannie Mae’s first because Fannie Mae’s market share is larger. If no match is found, then check Freddie Mac. Your loan must appear on one of these two sites to be eligible for HARP, and should appear on one of these two lookups.

Am I eligible for the Home Affordable Refinance Program if I’m behind on my mortgage?

No. You must be current on your mortgage to refinance via HARP.

Do I have to HARP refinance with my current mortgage lender?

No, you can do a HARP refinance with any participating mortgage lender.

What are some of the other benefits or pitfalls to refinancing with the HARP program?

Because there are many more nuances to the HARP 2.0 program, we encourage you to give us a call at (508) 528-1800 or contact us using the form on this website. We’d be happy to talk you through all your options!