Fannie Mae and Freddie Mac have released the final details of the Home Affordable Refinance Program (HARP) 2.0. If you’ve been unable to take advantage of today’s refinance mortgage rates because you’re underwater and haven’t had the necessary loan-to-value ratio to qualify, starting December 1st you can qualify. Here’s an article on HSH.com with Frequently Asked Questions (FAQ) regarding HARP 2.0 eligibility requirements:
It happened much later in the day than anticipated, but both Fannie Mae and Freddie Mac have released the details to HARP 2.0. Here are the enhanced portions of HARP 2.0 and what they mean to you (these details are for those borrowers with an LTV ratio of 80 percent or higher and are refinancing through their same lender):
The basic requirements for HARP 2.0 is that Fannie or Freddie must have backed your home loan before May 31st, of 2009. Your loan-to-value ratio needs to be higher than 80%, which for underwater homeowners is not a problem. You cannot have any late mortgage payments during the past six months and can have only one late payment during the past year. These new requirements set my President Obama’s executive order are expected to open a floodgate or mortgage refinancing applications, which could drive up mortgage rates, so it would be a good idea to apply as quickly as possible. HARP 2.0 applications from lenders like Amerisave will be available on December 1st, 2011.
You can learn more about your mortgage refinancing options, including strategies for avoiding lender junk fees by checking out my free Underground Mortgage Videos.
just curious if the HARP will change so that Fannie and Freddie will go past the 5/31/2009 date. my loan was finalized on 6/8/2009 so i am not qualified. with HARP 3.0 will the date range change at all or some of us are just out of luck
While I don’t see the Fannie/Freddie requirement going away, that date will change at some point. Until Congress passes a bill finalizing the President’s proposal we won’t know when or what that date will be.