The HARP 2.0 mortgage refinance program was rolled out after analyzing limitations of the erstwhile home affordable refinance plan (HARP) of 2009 that prevented it from reaching out to financially distressed homeowners across the United States. The revamped schedule was released by the Federal Housing Finance Agency (FHFA) in the October of 2011 and as per instructions issued, the nation’s leading mortgage servicers Fannie Mae and Freddie Mac formulated new set of guidelines which are primarily aimed at making it easier for struggling borrowers to refinance their homes at substantially lower interest rates. Relaxed eligibility rules and regulations have even made the process more convenient for a borrower to obtain quick approvals within days of applying. But still, it could be better if probable applicants knew these before applying as it could simplify their task of determining qualification almost instantly.
Request A Free No Obligation HARP Rate Quote To Reduce Your Monthly Payments, Take Advantage Of Lower Interest Rates And Get Mortgage Relief http://www.mortgage-refinanceprograms.com/refinance-appli...
/
To that effect, if you are refinancing your home, here is some information pertaining to the HARP 2.0 mortgage refinance program guidelines.
1. Existing mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
2. Borrower has to be current on monthly payments during the past 12 months.
3. Applicant must owe more on his home than its present market value.
4. Except for some Fannie Mae mortgages which were refinanced during the period March 2009 to May 2009, all other mortgages cannot qualify for the plan if homes were already refinanced under the HARP of 2009.
5. Borrower must not have missed more than one payment not exceeding a period of 30 days during the last 12 months.
6. Conventional, jumbo or FHA home loans are not eligible to receive benefits of the program.
Get Pre Qualified On The HARP 2.0 Mortgage Refinance Program To Reduce Your Monthly Paymentshttp://www.mortgage-refinanceprograms.com/harp-2.0.php
The HARP 2.0 mortgage refinance program is likely to benefit homeowners who are looking to reduce their interest rates and make monthly mortgage installments affordable and sustainable over the long run. This is because currently, there are no LTV or credit score restrictions in place and you can refinance your home at lowest interest rate even if your home has no equity left in it. However, to improve chances of obtaining an early approval, it could be important for you to prepare and furnish correct as well as accurate documentation as desired by lenders. Hence, while preparing the paperwork, it could be advisable to seek help from some competent mortgage specialist who is well versed with the updated guidelines and process requirements. To find an expert in your local area, all you need to do is just find a national mortgage service provider that is reliable and reputable. Reputed firms even offer free credit repair advice which helps in securing the best rates.
