Latest HARP 2.0 Program Announcement 2012 Updates
The revamped home affordable refinance program of 2012 or the HARP 2.0 Announced By Federal Government has already started realizing its objective of reaching out to more
USA (PRUnderground) September 18th, 2012
The revamped home affordable refinance program of 2012 or the HARP 2.0 has already started realizing its objective of reaching out to more number of underwater homeowners. There has been rise in applications made as well as approvals granted with the revised HARP.
The expanded HARP 2.0 loan program has been finally implemented. LoansStore, one of America’s leading mortgage service providers, reports a surge in the number of applications for this revised HARP plan. Besides, the firm is enjoying great success in assisting consumers to qualify for home refinancing with the revamped HARP schedule of 2012.
One may recollect that the erstwhile home affordable refinance program HARP of 2009 was designed to help underwater homeowners who were unable to refinance homes at low interest rates because of drastic decline in their home values. But still borrowers found it hard to qualify because of certain Loan-To-Value or LTV restrictions. Only those applicants who had LTVs from 80% to 105% could refinance with the 2009 HARP schedule. However, now that the HARP 2.0 program updates are out, one may find that there are no LTV caps, no equity or new home appraisal requirements and so refinancing with it could be lot easier.
The Federal Housing Finance Agency or the FHFA has already reported that over 1.3 million distressed homeowners, who were deeply underwater, secured relief from mortgage debts with the HARP as of May 2012. The FHFA’s August report further reveals that of these more than 78,000 homes were successfully refinanced through the HARP 2.0 version within the first 5 months of 2012 alone.
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Who Can Qualify For The 2012 HARP 2.0 Program?
The HARP 2.0 loan announcement 2012 provides underwater homeowners a ray of hope. Borrowers who have mortgage dues with little or no home equity in their homes have the chance to refinance their existing home loans at low interest rates without having to worry about their current Loan-To-Value or LTV ratios. The revised HARP underwriting processes are a lot simpler than ever before so that more homemakers can be helped to take advantage of low mortgage interest rates.
- To qualify for the HARP 2.0 program, one only needs to make sure that:
- Current home loan is owned or guaranteed by Fannie Mae or Freddie Mac
- Existing mortgage loan has been securitized either on or before 31st May, 2009 and
- Present home mortgage has not been refinanced previously with the HARP plan of 2009
Borrowers, who meet these basic guidelines, may determine eligibility for the 2012 HARP 2.0 program if they have maintained regularity in paying monthly installments for the past 6 months at a stretch. An additional condition might also stipulate that to begin with the new HARP 2.0 underwriting procedure, an applicant must have been current on payments for 11 of the past 12 months.
As per HARP 2.0 program updates, since homeowners with unlimited LTVs will be subject to very few verifications, mortgage deals can be closed quickly. With no new home appraisals and less paperwork, even those loans, which have been privately insured, could be eligible for streamlined HARP refinancing. In addition, borrowers whose Debt-To-Income ratios (DTI) fall in the range 25% to 42% may qualify for the new HARP version.
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