1. The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae.
2. The mortgage should have been sold to Fannie Mae or Freddie Mac on or before 31 May, 2009.
4. At the time of refinancing his mortgage, the borrower must be current on the mortgage. He should have a good payment history in the past 12 months.
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HARP was originally introduced in 2009 but later it was revamped; this program’s several eligibility guidelines were changed because earlier many homeowners could not qualify for the program due to its stringent criteria. To extend its help to larger population of struggling homeowners, the Obama administration introduced HARP 2.0 wherein borrowers were allowed to refinance regardless of how far their homes fell in value. Even certain risk-based fees might also be eliminated or modified for borrowers who refinance into shorter-term mortgages. Borrowers who are wondering, “how do I get HARP 2.0 program?” should get to know about these guidelines in detail so that they can improve their approval chances. However, there is a professional help from a mortgage specialist required.
It is not easy to get benefits offered by a HARP 2.0 refinance loan program such as stable and affordable mortgage product, the opportunity to prevent foreclosure, etc. There might be particular process and documentation requirement as well as edibility criteria that apply to HARP 2.0. To know all these things and to get the most effective, long-lasting and meaningful mortgage solution, specialist’s guidance is required. Several mortgage specialists are quite knowledgeable and experienced;
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