HARP 2.0 Refinance requirements, when they’re officially announced, will detail the specifics of the revamped HARP home refinancing program. This program, also know as the Obama Refinance Program, is due to roll out in March/2012.  Rather than being seen as a negative, the changes to this critical housing program could provide certain desperate homeowners with hope for a brighter housing future.

HARP 2.0 Qualification

The first thing to keep in mind is that the government hasn’t yet released specifics for HARP 2.0 qualification. Noted government officials, including President Obama in his State of the Union Address, have discussed certain details publicly. Here’s what we expect to see when HARP 2.0 qualification details are released:

  • Elimination of the 125% Mortgage Value Cap – What this means is that if you owe more than your home is worth, you could be eligible to refinance your Fannie Mae or Freddie Mac-financed or held mortgage, no matter how deeply under water you are.
  • Refinancing Open to Borrowers With a Good Payment History in the Last 6 Months – If you’re underwater on your Fannie Mae or Freddie Mac mortgage loan, and you haven’t missed a payment (or been late) for six consecutive months, you may qualify. Don’t worry if you don’t meet this requirement. You can still qualify if you’ve been late or missed no more than 1 payment within the last 12 months, but you’ll have to wait until you’ve made 6 consecutive on-time payments to qualify.
  • HARP 2.0 will be open to first-time refinancers – If you haven’t previously refinanced your mortgage through a HARP housing program, you could be eligible for HARP 2.0 refinancing. If you’ve already refinanced, other options could be available to you.  Contact me today to discuss your other options.

 Do I Qualify for HARP 2.0?

That’s a good question. To help you answer it, we’ve put together a more detailed questionnaire to help. Once you’ve gone through our helpful HARP 2.0 Refinancing Questionnaire , you’ll know for sure – one way or the other.

We can tell you now that if your mortgage isn’t held or serviced by Fannie Mae or Freddie Mac, you still have options. The last thing in the world you want to do is assume that you’re hopelessly lost at sea. If you’re having trouble making your mortgage payments, contact us today.

We can work with you to find solutions to your personal housing crisis. Some of the options available to you include refinancing through one of the handpicked mortgage providers in our home solutions database, or even helping you work through the details of a short sale.

HARP 2.0 qualification is fairly easy, although everyone won’t qualify, and participation is entirely voluntary, meaning your lender might not participate even if Fannie Mae or Freddie Mac services your mortgage loan. Don’t despair. Seek solutions today!