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.
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 :
- Your loan must be backed by Fannie Mae or Freddie Mac.
- 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
Are There Really No Loan-to Value Restrictions?
Yes, there are really no loan to value (LTV) restrictions! Even if you are ridiculously underwater, so long as you meet the HARP Refinance | DU Refi Plus eligibility requirements outlines above you should be eligible to participate.
Even if you are currently at 200+% LTV you can still benefit from Obama’s Home Affordable Refinance Program. Ready to see if you meet HARP Guidelines? Stop waiting, click below for a HARP 2.0 consultation and we will let you know your refinance options.
Get a HARP Refinance Rate Quote Now!
Want more up-to-date HARP Refinance information? We have you covered! Check out the most complete HARP Refinance Guide on the web. All the questions, all the answers and everything you need to know to make a educated decision on whether the Home Affordable Refinance Program is for you.
HARP Refinance | DU Refi | Obama Refinance – Complete Guide & FAQ
Our goal is to provide the most comprehensive resource available for underwater homeowner’s to research their refinance options. Helping people save is good. It’s good for our customers, it’s good for our neighborhoods, it’s good for the housing market and it’s good for the economy.
We also serve ALL points in-between. If you’re upside-down or underwater and need help then have you covered. HARP, DU Refi Plus, HAMP, HAFA or even a Short Sale if need be. You have options other than foreclosure, you owe it to yourself to explore those options.
Get a Home Affordable Program (HARP 2.0) Quote
References: MakingHomeAffordable.gov
HARP Refinance States Served: Alabama | Georgia | Florida | Tennessee | South Carolina | California | Washington | Colorado | Nevada | New York
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About Jonathan Blackwell & Team
Residing in Atlanta, GA & a graduate of Auburn University, Jonathan & his team are focused on delivering the best refinance experience anywhere.
Specializing in helping home-buyers purchase and renovate foreclosures since 2007, Jonathan and his team have turned their focus to helping current home-owners stay in their homes and take advantage of current market conditions.
With the introduction of HARP 2.0 and the expansion of DU Refi Plus, home-owners frustrated with the big four banks can finally get the service they deserve from a knowledgeable, licensed mortgage professional
In addition to company recognition for service and production, Jonathan is a valued contributor for several top mortgage sites.
- RehabLoanNetwork.com (National Faculty)
- MortgageDaily.tv (Featured Contributor)
- HARPApproval.com (National Faculty)He also regularly teaches continuing education to fellow real estate industry colleagues.
Difficult refinance loans require expertise, Jonathan & his team have it. Don't leave one of the largest transactions of your life in the hands of a novice. Use an expert, use a specialist.
Jonathan Blackwell
(404) 551-3845
NMLS #148667Other Good Stuff
- HARP 2.0 Refinance – Success Story
- HARP 2.0 – Beat from the Street (April 2012)
- HARP Refinance – Home Affordable FAQ #3
- Indiana HARP Refinance
- Seattle Washington Homeowners To Save BIG With HARP 2.0 Refinance Loan
- HARP 2.0 News – Bank of America OUT With Fannie Mae
- California HARP Refinance – Helping Underwater Homeowner’s Refinance
- HARP Refinance – Home Affordable Refinance FAQ #2
- HARP Refinance – Home Affordable Program FAQ #1
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