Buzz is growing for the “Home Affordable Refinance Program” revisions, referred to as HARP 2.0. And for good reason.
Homeowners I speak with every day complain – rightfully – that they ‘have done the right thing’ in being responsible and paying their mortgage on time. And they have, even when neighbors have walked away from homes that are under water. All these homeowners want is to be able to refinance, take advantage of these lower rates, keep enjoying their homes.
Is that too much to ask?
And soon many of those homeowners will get that chance. Check off these qualifiers to see if you qualify for the new and improved HARP 2 program:
- Is your loan owned by Fannie Mae or Freddie Mac? Check Fannie Mae Lookup here, then check Freddie Mac Lookup here. And remember, Fannie and Freddie do not “service” loans. So who you send your monthly payment to is not important here.
- Was your current loan closed prior to May 31, 2009? To be HARP 2 eligible, that is the cutoff date.
- Is your mortgage current for the past 12 months? You can only have 1 30 day late payment in the past year, and no late payments in the past 6 months to be eligible.