Under the new changes to the government’s Home Affordable Refinance Program, termed HARP 2.0, responsible homeowners that have been unable to refinance due to the drop in real estate values, can now refinance and take advantage of today’s low interest rates.
Refinance with a HARP 2.0 refinance for a lower interest rate and payment, or switch from a more risky loan structure (such as interest only or a short-term ARM) to a more stable product.
- No equity needed to qualify
- No loan to value restrictions
- No appraisal is required
This program is designed to assist borrowers who have demonstrated an acceptable payment history on their existing Fannie Mae or Freddie Mac mortgage loan, but may not have been able to refinance to obtain a lower payment or move to a more stable product due to not having equity in their home. With this new program there is no equity and no appraisal required.
The goal of the refinance effort, as announced by the President, is "to provide access to low-cost refinancing for responsible homeowners suffering from falling home prices." The expectation is that refinancing will put responsible borrowers in a better position by reducing their monthly principal and interest payments.
HARP 2.0 Eligibility:
- Mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31st 2009
- Must be current on the mortgage with no late payments in the past 12 months
- Current Loan to Value must be greater than 80%
Find out if Fannie Mae owns your property below. If you do not find a match, try different variations of the property address ie; Drive, Dr., Dr or Circle, Cir, or Cir. You can also call us directly at (855) 701-7283 and we can verify for you.