Can You Refinance under HARP 2.0?

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Recent changes made to the Home Affordable Refinancing Program (HARP) by the O’Bama Administration will allow some, but by no means all, homeowners to refinance to a lower interest rate and save on their monthly payments – even if they would not ordinarily qualify for refinancing from their lender.

Those changes to HARP cut fees for borrowers who want to refinance into short-term loans and pay off their loans faster. The changes also permit borrowers who owe more than 125% of their home’s value – i.e. that are underwater – from accessing the program.

To qualify borrowers must have a mortgage that

  1. Is now owned or guaranteed by Fannie Mae or Freddie Mac
  2. Was sold to one of the agencies on or before May 31, 2009
  3. Is now worth between 80% and 125% of your home’s value
  4. Has never been refinanced under the HAR program before

Borrowers cannot not have missed any mortgage payments in the past 6 months and no more than one missed payment in the past 12 months.

Here’s How to Get Started:

Step #1: Find out if your mortgage is owned by Fannie Mae or Freddie Mac

Step #2: Contact a HARP-approved lender to discuss your refinance options

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