HARP 2.0 | DU Refi Plus

Helping Underwater, Upside-Down & Limited Equity Homeowner’s Refinance in Georgia | Florida | Alabama | Tennessee & South Carolina

Home Price Declines & Underwater Homeowners Across the US that Need HARP Refinance 2.0 | DU Refi Plus | Home Affordable Program | Obama Refinance Program

What Is a HARP Refinance?

Originally started in April 2009, the Home Affordable Refinance Program (HARP) is a mortgage refinance program designed to assist underwater homeowner’s with conforming / conventional home mortgages.

However, under the old HARP setup, restrictions on Loan to Value of 125% and large interest rate adjustments for refinances over 100% LTV meant that many people we not eligible for the program.

Enter HARP 2.0! The first phase just rolled out in November with additional details released in December, HARP 2.0 will open the Home Affordable Refinance Program to HUNDREDS of THOUSANDS of additional homeowners.

Get a HARP Refinance Quote

The primary goal for the new Home Affordable Program is that refinancing will put responsible borrowers in a better position by reducing their monthly payments, reducing their interest rate, reducing the amortization period, or moving them from a more risky loan structure (such as an interest-only mortgage or ARM) to a more stable product fixed rate mortgage

By allowing underwater homeowner’s the ability to take advantage of today’s lower interest rates without have to pay down their equity or have mortgage insurance, current homeowner’s can reduce their monthly mortgage payments, save more money and provide a boost to the economy.

That is the goal of Obama’s Refinance Program, stimulate the economy. Politics aside, if you can save from HARP then why not take advantage of it?

HARP Refinance Eligibility

HARP, sometimes referred to as DU REFI+ or the Obama Refi plan, has some basic eligibility guidelines that potential refinance homeowner’s must meet

In order to be eligible for the HARP refinance program :

1. Your loan must be backed by Fannie Mae or Freddie Mac.
2. Your current mortgage must have a securitization date prior to June 1, 2009

If you currently have an FHA, VA, USDA or Jumbo loan you will not be eligible to participate in the HARP 2.0 refinance program. You may have other refinance options, but HARP is not one of them.

Get a FHA, VA, USDA or Jumbo Refinance Quote

The Home Affordable Refinance Initiative (HARP) has Three Main Components:

1. Expand opportunities for Fannie Mae to Fannie Mae refinances through Refi Plus™, which includes Desktop Underwriter® (DU®) and manual underwriting eligibility

2. Allow unlimited LTV ratios on the new loans and additional underwriting flexibilities (loans with LTVs of >105.01 are limited to fully amortizing fixed-rate mortgages with a maximum term of 30 years)

3. Provide a solution for borrowers with LTVs above 80% who currently may not be able to refinance because of mortgage insurance (MI) coverage requirements:

Are There Other HARP Guidelines That I Should Know?

Yes, just because you have a Fannie Mae or Freddie Mac mortgage doesn’t not mean that you automatically qualify for a HARP refinance. There are some other basic guidelines which will also determine your eligibility.

• Mortgage Payment History – You must have been ON-TIME with your mortgage payments for the prior 6 months and have had no more than one 30 day late in the past 12 months.
• Minimum Credit Score – Most lenders will require a 620 middle credit score to participate
• Prior HARP Refinances – If you have used the HARP in the past you are not eligible to use it again
• Mortgages with Lender Paid MI – Mortgages that have Lender Paid Mortgage Insurance (LPMI) are ineligible