If you have been watching, reading, or listening to the housing news lately, you have probably heard about the numerous refinance programs that the government is sponsoring that are designed to help underwater homeowners refinance their homes. Such programs include the Home Affordable Refinance Program, the FHA Streamline Refinance Program and the VA Streamline Refi program (aka IRRRL).
These are historic programs aimed at mitigating foreclosures and short sales across the housing market have helped millions refinance and lower their interest rate as well as their payment. You may be asking yourself “am I eligible for HARP 2.0” or any one of these refinancing programs.
Let’s look at some of the basic components to HARP 2.0 and we can see if you are eligible.
- You must be current on your mortgage for the last 6 months and can have 1 late payment in the last 12. If you have been late, you may have to wait and catch up before you can apply for the HARP Loans program.
- Your loan must be owned by Fannie Mae or Freddie Mac. You can check to see if Fannie Mae or Freddie Mac owns your loan by going to their respective websites or fill out our forms and we can check for you. Also – these two institutions must have acquired your loan before June 1, 2009. If they acquired you loan after that date, you are not available for the HARP 2 refinance program.
- If you refinanced under the first version of the Home Affordable Refinance Program, you’re not eligible for HARP 2.0.
- Owner Occupied, 2nd Home, Investment properties are all eligible for the HARP 2 Refinance.
- Finally – there are no underwater limits. This is a major breakthrough since the original HARP capped refinances at LTV’s with 125%.
If you have an FHA loan, you can check FHA Streamline Refi requirements by click on the link.