[F1 News:]What Is The Home Affordable Refinance Program or What is HARP 2.0?

Posted on Apr 24, 2012 in HARP Refinance

Importance of Home Affordable Refinance Program

Article by Sally Mansell

The home affordable refinance program is gaining more and more popularity. Buying a house with the mortgage plan is very popular for so long. The mortgage was very easy to pay. But now due to inflation the whole world many people are facing problem to continue paying their mortgage at the same rate. For this purpose refinancing their mortgage is the solution to their problem. The refinance is name of the term in which the borrowers choose a new loan plan over the existing loan plan.

There are many reasons behind refinancing, generic the most popular reasons are:

Financial problemHigh inflationUpside down mortgageNegative equityBad credit rating

The home affordable refinance plan is adopted by people when due to any reason they face some financial problem and they are unable to pay their mortgage plan. People do not want to face any bad credit history. So, they find it better to refinance their mortgage plan so that they do not face any problem in paying their mortgage on time.

The home affordable refinance is also very good option for the people who are facing the negative equity. The negative equity means that market value of the house becomes less than the amount of mortgage that you are paying. The negative equity usually takes place when there is high inflation in the country and the prices of the property falls at a very alarming rate. With this refinance program you can bring balance between the worth of the house and the mortgage program.

The home affordable refinance program harp is the best term for the people who are facing bad credit rating. The bad creditors can improve their bad credit score. It is very difficult to pay the mortgage with the bad credit. This is why the bad creditor prefers to refinance their house. The refinancing makes it easy for them to pay the mortgage along with the missing one.

However before you refinance your house you have to spend a very little amount for it. It is a sort of investment that you make. Moreover it is very important that you choose the new loan plan offered from some new company as doing so there are more chances for you to meet the good interest rates. The good interest rates are very important in all type of refinancing. Choosing the loan plan from the same company sometimes turn out to be waste of time only.

About the Author

Sally is a regular writer for online mortgage refinance firm that provides detailed information on home affordable loan modification program, home affordable refinance program and other related issue.

If you would like more informaiton please visit here…

Obama’s Home Affordable Refinance (HARP) program www.rmilending.com has been revamped. Since there are a few changes to the plan, many homeowners now want to know if they qualify to refinance now. Watch this video to have the home affordable refinance program explained in under 2 minutes. The first thing you should be aware of is that Obama’s HARP program is NOT going to help everyone that is upside down or underwater on their mortgage. One of the main qualifications is that your loan must be owned by Fannie Mae or Freddie Mac and you must have received that loan before June 2009. Now, how do you know if Fannie or Freddie owns your loan? Just give me a call or send me an email and I can look that up for you. If it is owned by them, then it doesn’t matter how far upside down on your mortgage you are, because the loan to value cap has been lifted completely. In addition to that, you won’t need to have an appraisal, and loan fees will be reduced or possibly even eliminated if you are refinancing to a shorter term, like going from a 30 year to a 15 year fixed. It’s important that your last 6 payments have been made on time, and you can’t have more than 1 late payment in the last 12 months. More details and rate pricing from the banks will be revealed around November 15th, and the banks that I work with are expected to start taking loan applications for this program around December 1st. Also, the program will be available through the end of 2013, but there’s no guarantee that
Video Rating: 5 / 5

More great real estate info click here…

What Is The Home Affordable Refinance Program or What is HARP 2.0?

Article by Paras Shaw

According to the Wall Street Journal, doctor approximately 23% of US homes are underwater – meaning the homeowner owes more than their home is worth. The percentages vary widely state-by-state. For expample47.9% of Arizona mortgages were estimated to have negative equity, along with 34.7% of California mortgages and 19% of Colorado mortgages.

These days number one question clients are asking right now is what is the HARP? The Home Affordable Refinance Program, or HARP 2.0, is the new government-sponsored, no appraisal, home mortgage refinance program for underwater home mortgages.

The HARP is available for Fannie Mae and Freddie Mac owned mortgages that were originated prior to June 1, 2009. You can check eligibility at website.

The original Home Affordable Refinance Program was limited to 125% loan-to-value. The 2.0 version of the does not require an appraisal and there is no limit to the loan-to-value.

It is also possible to have reduced documentation for the program. As long as your payment doesn’t increase more than 20%, you will most likely only need a verification of employment instead of providing tax returns and pay stubs.

These days number one question clients are asking right now is what is the HARP? The Home Affordable Refinance Program, or HARP 2.0, is the new government-sponsored, no appraisal, home mortgage refinance program for underwater home mortgages.

Another great thing about the HARP is that the rates competitive. If you get a 30-year fixed-rate loan you will have a slightly higher than market rate, or a slightly higher fee to get a market rate. However, if you shorten up the term of your loan to a 20-year or shorter amortization, the risk adjustment is waived and you will get a market rate. Fannie Mae and Freddie Mac still have risk-based pricing for lower credit scores, so expect a little higher rate and/or higher fees if you credit score is below 740.

Fannie Mae and Freddie Mac have loosened the credit requirement on the HARP. This includes waiving the minimum credit score requirement and allowing borrowers with recent bankruptcy or foreclosures to participate. Borrowers do have to be current on their mortgage for the past six months, but can have been 30 days late one time seven to twelve months ago

Bottom line is that the HARP 2.0 program is the first loan program that has the potential to help a large number of homeowners seeking a refinance.

To learn more watch a recorded webinar on the most frequently asked questions on the HARP program at website.

About the Author

If you are unable to qualify for a traditional refinance, Harp Program help to refinance your mortgage. Learn What is Harp and Find out if you meet the HARP program eligibility requirements?

More informaiton please visit here…

4avg.rating 24 votes.

40 Comments

  1. Good job on by cabouting all the major points and telling me so much in the article!

  2. The article on was excellent! I liked it a lot.

  3. Fantastic work with the article on real estate.

  4. Excellent work on the article on .

  5. Precisely what I expected for this blog. Great post about real estate finance.

  6. Thanks for the informative article.

  7. It's hard to come by good, quality writting like yours.

  8. Good post on government loans. It was pretty comprehensive for me.

  9. However, harp refinance could be explained clearer.

  10. I've heard this before.

  11. Nice work on . It was informative and good.

  12. This website has great articles. Once again, another great article with this post about .

  13. I'm helping my son research harp refinance for school.

  14. A lot of comments on this site show there is much ignorance about harp refinance.

  15. Thanks for the good post. It answered all the questions I had about finance.

  16. Good read on .

  17. I'm studying the subject of harp refinance.

  18. This website deserves far more attention than it is getting now.

  19. Good job on by cabouting all the major points and telling me so much in the article!

  20. Good work and a good read with the article on .

  21. I'm looking forward to reading more.

  22. Keep on writting about please.

  23. Your facts and understanding show you have a lot of experience with harp refinance.

  24. I also run a blog that discuses harp refinance that may be of interest that I’d love to share with you.

  25. Fantastic work on the article on home loans! Interesting and comprehensive.

  26. However, I've read better articles on .

  27. More articles on harp refinance please.

  28. I liked the post on . It kept me interested!

  29. I'm bookmarking sites that discuss harp refinance.

  30. Hope google lets more people see this site.

  31. Good read on .

  32. Good post about real estate. I really liked it!

  33. Brevity makes for better reading.

  34. I appreciate your article on home loans.

  35. I just book marked your blog on Digg and StumbleUpon. I enjoy reading your content.

  36. Well written post.

  37. However, I've read better articles on harp refinance.

  38. A lot of comments on this site show there is much ignorance about lending.

  39. Although I agree with your opening statement, I don't agree with everything.

  40. Thanks for this article. I have a hard time finding good content related to harp refinance when searching most of the time.