The HARP program has been enhanced to help borrowers who’s value has dropped significantly. With the new harp loan borrowers have the ability to refinance without worrying about the value of there home. Take a look at some of the features of this program that will help borrowers take advantage of the low interest rates available today. Below are a few highlights for you to consider.
- Borrowers must be current on there mortgage payment and the mortgage must be held by fannie or freddie
- Appraisals are not required on most of the refinances saving you time and money
- Most transactions require no income documentation
- LTV requirements are relaxed to allow borrowers to take advantage of the great rates even if there value is negative. Borrowers with 1st and 2nd mortgages are a great example of people who can now be helped
- Occupancy – many borrowers have elected to rent there previous home and buy a new primary residence. The rental property can now be refinance with HARP 2.0, where it previously would not qualify
Determine whether your mortgage is owned or guaranteed by Fannie Mae or Freddie Mac by visiting their respective Loan Lookup Tools.
- GSEs release guidance on HARP changes (housingwire.com)