St Paul, MN: The much anticipated revised HARP Refinance Program (HARP 2) has now been in effect for a few months, making it much easier for underwater home owner to refinance their mortgage into today's low mortgage rates.
The two biggest guideline changes from HARP to the new HARP 2 program include the POSSIBILITY of unlimited Loan-to-Value and the POSSIBILITY to refinance even if you have Private Mortgage Insurance (PMI). This opens up financing opportunities for seriously upside home owners who have kept up with their current mortgage obligations.
As with many of these programs, it started out bumpy, but lenders have really started to figure it out. If you tried a few months ago and had trouble. I suggest you try again.
There is also LOT of misinformation out there...
The reality is NO LENDER ANYWHERE can promise you a HARP 2 refinance approval WITHOUT having a full application and submitting that application through either Fannie Mae or Freddie Macs automated underwriting computers (AUS).
You have nothing to lose, and everything to gain... Apply for your HARP refinance today with a local licensed mortgage loan officer - not with just some 1-800 number bank application clerk.