Home Affordable Refinance Program HARP is a federal government program which his designed to help underwater or near-underwater homeowners refinance their mortgages with a lower monthly payment. Though it was introduced originally much earlier, in 2011, the Obama administration made some changes in HARP guidelines and rolled out HARP 2.0 Refinance Mortgage Program so that large number of homeowners can benefit from this mortgage relief program.

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Under the changes HARP guidelines, some appraisals and underwriting can be eliminated in some cases; also certain risk-based fees for borrowers who will refinance into shorter-term loan might be either modified or eliminated. Importantly, under HARP 2.0 Refinance Mortgage Program guidelines, borrowers might be able to refinance their mortgages even if their homes have significantly fallen in value. Thus, qualifying for HARP 2.0 could be relatively easier. However, few approval requirements may still apply.

To get approved for HARP 2.0 Refinance Mortgage Program

1. The mortgage should have been owned or guaranteed by Freddie Mac or Fannie Mae.
2. The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
3. The mortgage cannot have been refinanced under HARP previously unless it is a Fannie Mae loan which was refinanced under the program (HARP) from March-May, 2009.
4. The current loan-to-value (LTV) ratio should be greater than 80%.
5. The borrower needs to be current on the mortgage at the time of the refinance, with a good payment history in the past 12 months.

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HARP 2.0 approval criteria, process requirements, fees, if any, etc. should be studied upon carefully and required knowledge on the subject must be gained well before applying for HARP 2.0 Refinance Mortgage Program. For this, it could be advisable for you to take advantage of the guidance of competent mortgage expert. Such experts who have years of experience in the mortgage industry, will equip you with detailed knowledge on HARP 2.0 Refinance Mortgage Program guidelines for eligibility and its process requirements so that you can improve your approval chances for the same. Also, expert will explain to you what hurdles or obstacles may come in your way throughout the application as well as approval process so that you can prevent them from coming well in advance. Easiest and quickest way to approach a competent and reliable mortgage expert is to go online and find a renowned mortgage service provider firm which actively assists borrowers to get mortgage payment relief.