If your home has lost significant value over the last few years and you are looking for a way to refinance your mortgage, HARP 2 is here.
The original HARP program was developed to allow homeowners to refinance their loans, even if they owed more than their homes were currently worth. Countless homeowners are in this very situation after the recent economic downturn.
HARP was passed in 2009, and was created exclusively for mortgages owned by Fannie Mae or Freddie Mac. Borrowers could refinance up to 125 percent of their homes’ online gaming current values. For example, if you owed $250,000 on a house that was now worth $200,000, you could refinance with HARP because your loan was 125 percent of the home’s value. If you owed more than 125 percent of the home’s value, however, you were out of luck.
Under HARP 2, the 125 percent loan-to-value (LTV) ratio has been completely eliminated. Now, assuming you have a fixed-rate mortgage, there is no loan-to-value limit.
The elimination of the LTV limit is the most significant change under HARP 2. The rest of HARP 2’s guidelines are as follows:
- HARP only helps borrowers whose LoL mortgages are owned by Fannie Mae or Freddie Mac and closed their loans before May 2009.
- While HARP was supposed to expire at the end June 2012; HARP 2 pushes that expiration date to the end of 2013.
- There is no LTV capfor borrowers who have fixed-rate mortgages.
- The LVT for homeowners with ARMs remains capped at 105 percent.
- Borrowers can qualify for HARP 2 refinancing if they have paid on time for the last six months and have no more than one 30-day late payment in the last 12 months. HARP did not allow any delinquencies in the last 12 months.
- Fees have been reduced. Often, weary lenders charged fees that Fannie and Freddie call “loan level price adjustments.” Some can be as high as 2 percent of the league of legends loan amount. HARP 2 reduces those fees 0% on loans for 20 years or less, and 0.75% on mortgages over 20 years (and for ARMs).
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