Benefit From HARP 2.0 Refinance Program With Easy To Follow Expert Tips

LANCASTER, Pa. - July 1, 2013 - PRLog -- As all know, housing market crisis and financial hardship have spread over and many homeowners are now struggling to afford their mortgage payments which are why they are at imminent risk of facing foreclosure. Also, tens of thousands of homeowners are severely underwater or near-underwater on their mortgages. To help a larger population of homeowners manage their mortgage payments wisely with refinancing, the Home Affordable Refinance Program HARP was introduced by the Obama administration as a part and parcel of Making Home Affordable MHA plan.

Later, some changes were made in its eligibility criteria with HARP 2.0 refinance plan, so as to relax them to expand its reach to more people who were still struggling with their mortgage payments. If you want to benefit from HARP 2.0 program and get a more stable and affordable mortgage with refinancing, you should first get to know what this program is all about.

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If you are not behind on your mortgage payments and unable to obtain traditional refinancing due to declined value of your home, you may be considered for the HARP 2.0 mortgage refinance loan program. The program is designed to help a financially distressed homeowner to get more affordable and stable mortgage. To get approved for it, borrower may have to meet some approval criteria:

1.      Mortgage should be owned or guaranteed by Freddie Mac or Fannie Mae.

2.      Mortgage should have been sold to Fannie Mae or Freddie Mac on or prior to 31 May, 2009.

3.      Current LTV (loan-to-value) ratio should be above 80%.

4.      Borrower has to be current on his mortgage at the time of refinance and must have a good payment history in the past 12 months.

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Under the changes made in guidelines for eligibility with HARP 2.0 refinance plan, borrower could now be able to refinance his mortgage, no matter how far his home has fallen in value. Moreover some risk-based fees for homeowners who refinance into shorter-term mortgages loans could be eliminated or modified. So with modified approval criteria, one may now find it easier and less challenging to get approved for HARP 2.0 mortgage refinance loan program.

However, it might be better if one takes professional help from a competent mortgage expert to know about the exact guidelines to be followed to refinance his mortgage under HARP and learn how HARP actually works. To get assisted by a well-known and reliable expert in your local area, visit www.obama-loanmodifications.com