Home Affordable Refinance Program (HARP) Has Been Revised

The Obama refinance program has been revised to allow more homeowners to take advantage of historically low interest rates! Despite the government's initial efforts to assist homeowners who were struggling with home values that have plummeted because of the collapse in the real estate markets, less than one fifth of the individuals that the program was supposed to help had applied. In November of 2011, the home affordable refinance program guidelines were revised. This was done to try and assist those who did not qualify for the previous program. The most notable changes were in the LTV or loan to value ratio of the former program, and the reduction or cancellation of some fees associated with the HARP refinance program. Get HARP Program Refinance Help Now »

The Revised HARP refinancing eligibility requirements:

You may be eligible for HARP if you meet all of the following criteria:

The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae.
The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
The mortgage cannot have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009.
The current loan-to-value (LTV) ratio must be greater than 80%.
The borrower must be current on the mortgage at the time of the refinance, with no late payment in the past six months and no more than one late payment in the past 12 months.
Eligibility criteria are for guidance only. Contact your mortgage servicer to see if you are eligible for HARP.
Note that this program is still only available to homeowners whose mortgages are owned or backed by Fannie Mae or Freddie Mac. To find out if they back or own your mortgage you must contact the lender who services your account.

The LTV (loan-to-value) change is important to your qualification!

The change in the LTV calculation can have an important impact on your eligibility. While the former HARP refinance was limited to homes that were no more than 125% percent "underwater", the new guidelines appear to have removed that upper limit. In addition, some of the fees which homeowners found burdensome have been removed. There is also an effort to encourage homeowners to consider shortening the term of their mortgages. With the current lower interest rates, this option could prove to result in real savings for people. Those homeowners who have ARM type mortgages or whose mortgage is at a significantly higher rate than the markets historically low current ones could be the recipient of significant saving over the life of the loan as well as saving their most valuable asset.

Get Home Affordable Program Help from HARP Experts!

The HARP (Home Affordable Refinance Program) is only a part of the federal MHA (Making Home Affordable) or HAMP (Home Affordable Modification Program). One look at its website can be disconcerting. There are pages of information and various programs designed to help several classes of homeowners. The terminology is also something with which most people are unfamiliar. The government has made every attempt to simplify the explanations and provides long sections of FAQ's but for most people unfamiliar with the mortgage and finance industry it will still be difficult. That's why we suggest you turn to the experts you can find here to assist you in the process of negotiating your way through the Home Affordability Refinance Program.

We believe that with the assistance of one of our experts a successful Home Affordable Refinance Program (HARP) can be achieved for many homeowners who otherwise might not even apply! HARP refinance rates are at historic lows! Don't miss your opportunity to access the home affordable refinance program, talk to one our experts and save your home with help from USLoanz.com and the HARP refinance!

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