What is HARP 2.0?

HARP 2.0 is the expansion of Home Affordable Refinance Program originally introduced to help home owners who owe more on their mortgage than the appraised value of their home after the dip in the housing market. This program allows a refinance for borrowers who owe more than 80% of their loan to value ratio.

Who benefits from HARP 2.0?

For borrowers who are behind or underwater on their mortgages, HARP 2.0 may be just what they need to get back on track. Proposed in 2011 by President Obama, HARP 2.0 has several requirements that must be met for a homeowner to be eligible. What are these guidelines and how do you know if you can take advantage of the Home Affordable Refinance Program?

Your Loan Must Be Handled By Fannie Mae Or Freddie Mac

It is important to know that only borrowers who have their loans held by Fannie Mae or Freddie Mac are eligible for this program. If you don't know if this is the case with your loan, check your last loan statement to find out who holds your loan. You can then talk to a representative from the lender to determine if you meet this requirement.

You Must Be Current With Your Loan

To take advantage of the overhauled Home Affordable Refinance Program, you have to have pai your mortgage on time for at least the last six months. Homeowners also have to be current on their loans at the time of the refinancing. A late payment is defined as any payment made more than 30 days after it is due. Being current on your loan means that there are no outstanding payments even if the payment is not yet late.

You Can Only Refinance Through HARP Once

Another important detail that borrowers should be aware of is that HARP is only available once. If you have already refinanced your loan through this program, you may have to look at other available options. Fortunately, this will not be an issue for the majority of folks who seek relief through a HARP refinance.


How Is This Different From Other Refinancing Options?

This program differs from other programs because it is designed specifically for homeowners who are underwater on their loans. With other traditional refinancing options, borrowers would not be able to refinance if they owed more than their home was worth. Underwriting criteria and closing costs would also make it harder to refinance for people who are underwater or perhaps have missed a loan payment in the last 12 months.

Owning a home is something that all Americans strive for. If you are struggling with your mortgage, it is important to know where you can turn for help. The HARP program can be a valuable lifeline to homeowners who are desperate to keep their home for as long as possible.

Secured Funding Corporation offers HARP Refinance in Maryland

For homeowners who need refinance assistance, Secured Funding Corporation offers HARP 2.0 Refinance in Maryland among many of their home mortgage programs. Rest assured that we offer knowledgeable and dedicated mortgage professionals who will walk you through the HARP process every step of the way. Please feel free to browse our website for more information on our loan programs and mortgage options. We make applying online quick and simple, contact us for a quote or fill out our secure online application and we will reach you as soon as possible.