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HARP Program Guidelines

Are you underwater in your home mortgage loan? If so, you might be able to refinance without paying cash-in or purchasing mortgage insurance under the government’s revised Home Affordable Refinance Program (HARP 2.0). Here are the details of the newly revised mortgage refinancing program:

What is the Home Affordable Refinance Program? (HARP)

HARP is a program intended to help underwater homeowners take advantage of today’s historically low refinance rates from the best mortgage companies like USAA mortgage rates and Amerisave. Until the end of last year it was a dismal failure. The problem with the original HARP program is that if your LTV was over 125% you couldn’t qualify. This prevented homeowners that needed the help the most from qualifying.

HARP 2.0 Program Requirements

Here are the requirements for the new program created by President Obama’s 2011 Executive Order:

  1. Your home loan must be backed by Freddie or Fannie before June 1, 2009
  2. If you’re unsure if your home loan is with Fannie or Freddie you can check here:



  3. You cannot have any late payments during the past six months.
  4. You are allowed only one late payment in the six months prior to the last six months

The last thing you’ll want to know isn’t a program requirement but the government is strongly encouraging HARP qualified homeowners to shorten their term-length to 15 years to build equity and get them right-side up in their home loans.

What if Neither Freddie Mac nor Fannie Mae Has my Mortgage?

Unfortunately if neither Freddie nor Fannie had a record of your home loan you cannot qualify for mortgage refinancing under HARP 2.0. You may still qualify for cash-in mortgage refinancing if you can pay your home loan balance to an acceptable loan-to-value ratio.

You can learn more about your mortgage refinance options by checking out my free Underground Mortgage videos.

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