HARP Loan Program is going Strong with HARP 2.0 which is designed to assist homeowners in refinancing their mortgages
Online PR News – 07-May-2012 – Arizona – HARP Loan Program 2.0 is the Homeowner Affordability Refinance Program being offered for those homeowners who do not otherwise qualify to refinance their current home loan.
The HARP Loan Program was originally a program that was designed for homeowners with loans serviced by Fannie Mae and Freddie Mac, that would allow them to refinance with no mortgage insurance, and with loans that were underwater, or, loans that had a higher balance than the value of the home.
In an effort to help stabilize the housing market,the government developed the HARP Loan Program to help homeowners who either did not have enough equity for a traditional refinance or who were having problems making payments on their current mortgages.
The goal of this HARP Loan Program is to reduce your current payments.And the HARP loan program is going strong.
Your loan must be securitized by Fannie Mae or Freddie Mac, and their websites allow you to enter your address to find this out.
So,If your current loan is owned by either Freddie Mac or Fannie Mae you might be eligible to refinance your home with HARP Loan Program funds.
If you own investment property also, you may be eligible for the HARP Loan Program.
You are able to refinance a Fannie loan with any Fannie lender offering the program.The Fannie program has better pricing adjustments to a normal refinance program.
And with the Freddie program, your loan has to end up with the same lender that currently has your loan.
If you have PMI on your current loan, you will most likely need to refinance through your current servicer as many lenders wont accept a transferred PMI policy and even if possible, PMI companies charge to switch a policy from the original lender to a new one.
Loan modifications are also available under the HARP Loan program.