Thursday, April 26, 2012

How HARP 2.0 can help - giving you the chance to refinance when in trouble.


For homeowners who want to refinance but owe more on their mortgages than their homes are worth, the wait may now be over. Borrowers can now find a wide range of lenders offering refinances through HARP 2.0, a program that allows borrowers to refinance regardless of how deeply underwater they are. In some of the places that were hit hardest by the housing downturn, these homeowners have been waiting to refinance under this updated program for months, as it is their only chance to refinance at a lower rate.

HARP 2.0, a revamped version of the Home Affordable Refinance Program, was announced months ago. Until now, only a limited number of borrowers had access to it. Although a few national lenders have started to offer HARP 2.0 refinances to their own customers this year, most lenders were waiting for Fannie Mae and Freddie Mac to update their automated underwriting systems with the program's new rules. These updates were completed as of March 17, 2012.

Now, borrowers be able to get a HARP 2.0 refinance from their mortgage provider.

Who is eligible for a HARP 2.0 refinance?

To qualify for a HARP 2.0 refinance, you must meet these requirements:
    • Your mortgage must have been sold to Fannie Mae or Freddie Mac before June 1, 2009.
    • You must be current on the mortgage and have no late payments in the last six months. A late payment is defined as one that's more than 30 days overdue.
    • You must not have more than one late payment in the past 12 months.
    • This must be your first refinance through HARP. If you have refinanced under an earlier version of HARP, then you do not qualify.

If you would like to speak with an industry expert about your ability to secure financing for a purchase, refinance or simply to see if you would qualify to do so, please contact Glenn Dooley or one of our many licensed mortgage professions at MAC5 Mortgage.  Glenn can be reached at or at 720-407-6338.  You can also inquire for more information on our contact us page and/or fill out an online application.  By doing so, you will be able to receive an no cost, no obligation review of your credit profile and we will be happy to demonstrate our team's ability to earn your business.

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