New Updates to HARP

Nov 5, 2014

Below are some updates to the Home Affordable Refinance Program – HARP 2.0

Some of the key features of the program include:

  • HARP is now extended through Dec 31, 2015.
  • In order to be eligible, loans must have been purchased by Fannie Mae or Freddie Mac by May 31, 2009.
  • Unlimited Loan-to-Value ratios (currently, there is a ceiling up to 125% of your home’s value)
  • Waiving the fees for borrowers that choose to take on shorter term mortgages during the refinance (some people do wish to go from a 30 Year Fixed to a 20 Year Fixed, for instance)
  • To qualify, borrowers must be current on their mortgage for the last six months, and have no more than one late payment over the past year.
  • New appraisals may not be needed to qualify.

Think you qualify?  Want to Save Money each month on your Mortgage?

Free Calculator

HARP: What You Need To Know!

Home Affordable Refinance Program Revision Set To Help 2 Million California Homeowners

On October 24th, President Obama announced his plan to revise the current Home Affordable Mortgage Refinance Program in a way that would reach a far broader scope of American Homeowners.



PRLog (Press Release)Nov 09, 2011
The Obama administration has asked that the strict requirements of the current Home Affordable Refinance Program (HARP) be relaxed. This comes after the considerable inability of the current program to help homeowners that owe more on their mortgages than the values of their homes.

Shortcomings of the original HARP Program

Currently the HARP program requires a homeowner be fully income qualified, and not owe more than 125% of the value their current home.  A costly appraisal is required, and tax returns, paystubs, and many other documents must be reviewed for approval.  With job numbers at record lows, self employed consumers showing less income than what they actually make, and home values at a fraction of what they were a few years ago, this initial attempt to aid homeowners has fallen far short of what was hoped for.

Click To See If You’re Eligible for HARP

HARP 2.0

Official changes to the program will not be released until November 15th, but some details of what is expected have been released.

It is believed that the revised program will no longer contain a 125% limit.  Because there is no limit on the value of the home, it is expected that an appraisal will not be needed to qualify.

Replacing restrictive income guidelines for qualifying is the simple requirement that consumers have paid their mortgages on time for the past 6 months, and have no more than one late payment in the last 12 months.

The program is available for owner occupied properties, investment properties, as well as second homes.

With rates in the low 4’s, it is expected that 2 million homeowners in California could benefit from the revised Home Affordable Refinance Program, or HARP 2.0.


Free Calculator