ARE YOU ELIGIBLE FOR HARP 2.0 REFINANCING?
HARP 2.0 is considered as the more generous descendant of the original Home Affordable Refinance Program. The new program is basically designed to allow those people who own their homes to refinance their mortgages even if they owe the mortgage lender much more than what their property is presently worth.
While the original HARP was designed just a few years ago and did not get as many takers as the Obama administration forecasted at the time. The newer version of HARP has been created to attract more refinancers in the U.S. That said, not every mortgage borrower is eligible for this particular refinancing program. Here, we are going to find out which borrowers are eligible for the HARP 2.0 refinancing.
Is your mortgage owned by Freddie Mac or Fannie Mae?First of all, you will have to find out whether your mortgage is owned by Fannie Mae or Freddie Mac. You can do this by going online and looking it up on their website; or you could call them on their official number which is provided on their website. If your mortgage does not belong to these two lenders then getting a HARP 2.0 refinance for your property will not be possible.
Did you get the mortgage after June 1, 2009?This is also another important question you will need to ask yourself if you are looking for a HARP 2.0 refinance for your real estate property. If the answer is ‘yes’ then you are not eligible for the HARP 2.0 refinance since they are only available for mortgages that were sold to both Freddie Mac and Fannie Mae on or before May 31, 2009. If you answer is ‘no’ then you will have to answer another question.
Have you been able to make all your mortgage payments on time?If you have missed mortgage payments, especially in the past six months, then you are not eligible for the HARP 2.0 refinancing. That being said, you can change that if you make enough payments on time. The same goes for those who have missed a payment on their mortgage in the past 12 months.
Have you already refinanced via HARP?If yes, according to the rules you are only allowed to refinance once through HARP. If your answer is no, it means you have passed through the major hoops of getting refinance through HARP 2.0. But, there is a lot more to go before you get your HARP 2.0 refinancing, so, good luck!
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