HARP 2.0 Mortgage Program for Underwater Homeowners Is Still Worth Giving a Try

The Harp 2.0 mortgage program for refinancing homes is still very much in action. Underwater homemakers can apply for refinancing mortgage harp 2.0 plan to reduce monthly payments drastically.

The Harp 2.0 mortgage program was a revamp of the erstwhile home affordable refinance program Harp. The plan was modified to make it convenient for underwater homeowners to take advantage of lower mortgage interest rates and reduce monthly payments. Qualified borrowers could save money in distressing financial situations that were an obvious outcome of the bursting of the real estate bubble in 2008.From then onwards, the HARP 2.0 did make inroads into homeowners’ lives although the results have found to be far from satisfactory. Regardless of whatever may be the exact status of the HARP 2.0 program, it was designed to be beneficial to borrowers in a number of ways.

Financially struggling borrowers who qualify for home refinancing mortgage harp 2.0 plan have the chance to lower monthly mortgage payments drastically and save hundreds of dollars annually. The interest rates provided to HARP 2.0 eligible applicants will be fixed for loan terms extending from 10 to 30 years. However, the basic condition to get approved for HARP loans still applies, mortgages have to be owned or guaranteed by Fannie Mae or Freddie Mac. Once qualified, the monthly payments will be low and predictable over the entire loan term. Home equity will get built much faster if borrower maintains regularity in payments. 

Speculation has been ripe that Harp program 3.0 is in the offing but there is no such proposal that is worth a consideration. The Harp 2.0 itself is good enough to give necessary much needed relief from high mortgage installments. LTV restrictions have been removed and the amended rules allow homemakers to borrow up to 125% of home values. Nevertheless, there will be some complex paperwork that is needed to be prepared and furnished along with your HARP 2.0 application. Mortgage specialists are well versed with the documentation process and so, it is desirable to seek their advice. 

Hence, there is little need to wait on the Harp program 3.0 eligibility criteria. The Harp 2.0 permits certain category of borrowers to refinance second time.  Some websites online can give the latest status of the federal government plan. These online sites provide free of cost service for fixing free consultations with competent local mortgage experts. You can use these sessions to analyse the exact status of your mortgage debt situation. However, it could be vital for you to make sure that you have found a totally reliable and reputable website to work with.