HARP 2.0 extended until December 31, 2015

on Sunday, 19 May 2013.

There’s good news for homeowners who meet qualifications for a HARP refinance: the Home Affordable Refinance Program (HARP) has been extended until December 31, 2015. Contact your lender if your mortgage and situation meets the following guidelines:

1) Your loan was originated before May 31, 2009

2)  Your loan is owned by either Freddie Mac or Fannie Mae.

3) Your loan is current, with no late payments made in the last six months.

4) Your loan-to-value ratio is eighty percent or greater (there are no longer upward restrictions on the loan to value ratio)

5) You have not received a prior HARP refinance.

HARP 2.0 is the federal government’s second version of this refinance program. Its goal is simply to lower the payments of homeowners who owe more on their mortgages than their houses are worth.  The catch, however, is that millions of underwater homeowners who loans are not owned by Freddie or Fannie do not have the same HARP refinancing options. Furthermore, those with origination dates after after May 31, 2009 have also been left out of the loop.

As of mid-May of 2013, speculation has arisen that HARP 3.0 could be in the future, though details are few and far between concerning new requirements.  Only time will tell if additional loan types are included.

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