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5 Steps to Qualifying for HARP Mortgage Refinancing

Are you underwater in your current home loan and want to take advantage of today’s low mortgage refinance rates, but didn’t qualify under the old HARP plan? With the stroke of a pen, President Obama revamped the failed program under HARP 2.0. Gone is the Loan-to-Value requirement that prevented the majority of homeowners from qualifying. Here are 5 steps from Dan Green at HSH.com to get you qualified under Obama’s new mortgage refinance plan:

If you’re among the more than 7 million who are expected to qualify under the expanded guidelines, there are several preparatory steps you need to take to ensure your application is reviewed first.

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The most important qualifier under HARP 2.0 is that Fannie Mae or Freddie Mac must have your home loan. Not only must they have your mortgage loan, but also they had to back it prior to May 31st of 2009. If Fannie or Freddie didn’t back your loan prior to this date you won’t be HARP 2.0 eligible.

Not sure if Fannie or Freddie has your home loan? You can use their online lookup tools to find out:



Finally, make sure you’re paying on time. You cannot have any late payments for six months before to applying for HARP. Additionally, you can only have a maximum of one late payment during the six month prior to that. Always pay your mortgage on time no matter how far underwater you are.

You can learn more about getting today’s best refinance mortgage rates from the top mortgage companies like Amerisave without overpaying at closing by checking out my free Underground Mortgage Videos.

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