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The New HARP Refinance Program Is Available Now (Sort Of)

The revised Home Affordable Refinance Program is now officially available. Underwater homeowners rejoice! President Obama overhauled the program in 2011 by executive order; however, even though HARP 2.0 is officially available to the public, you won’t find lenders approving loans until the 2nd quarter of 2012. Here’s an article on MortgageLoan.com with the scoop you need about HARP 2.0:

December 1 is when lenders are scheduled to begin implementing the new HARP guidelines for refinancing underwater mortgages. But you might not be able to refinance that underwater loan just yet. Although lenders can begin refinancing mortgages under the new rules as soon as their get their own programs in place, most will likely wait until late winter or early spring before they begin to approve significant numbers of refinances.

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Remember the basic eligibility requirements for mortgage refinancing under HARP 2.0 is that Fannie Mae or Freddie Mac must have backed your mortgage prior to May 31st, 2009. If Ginnie Mae has your home loan you won’t be eligible for this round of HARP refinancing. Additionally, you must be underwater in your mortgage and not have any late payments during the past six months. You are allowed one late payment in the six months before this timeframe. Keep an eye on this space for announcements that lenders like Amerisave have begun processing applications.

You can learn more about getting today’s lowest refinance mortgage rates without paying unnecessary fees by checking out my free Underground Mortgage Videos.

{ 1 comment… add one }
  • Kathie January 24, 2012, 5:10 am

    It is now Jan. 24, 2012 and I still cannot find a bank implementing the HARP II rules. Are there any? I qualify but need the higher LTV implemented to go forward. Can you list what banks are now processing the new rules.


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