HARPs New Guidelines for Homeowners to Refinance

The New harp mortgage program guidelines have several benefits for home owners: The program has been extended until December 31, 2015. The maximum Loan to Value (LTV) cap has been removed on home owners looking to refinance in to a fixed rate mortgage.

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Many New York, NY homeowners are curious about how much they can save by refinancing under the HARP program. According to Shaun Donovan (Secretary of the Department of Housing and Urban Development) homeowners could save an average of $2,500 a year on their mortgage payments through the HARP refinance program.

As we approach the end of January 2012 many FL mortgage professionals are gearing up for the most requested refinance program in recent years, the HARP 2.0 or no appraisal refinance. I already have a pipeline of FL homeowners eager to take advantage of today’s extremely lower fixed interest rates.

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According to the official HARP.gov FAQ: "HARP allows you to refinance even if you owe more than your house is worth. If you refinance under HARP and your new loan is a fixed-rate mortgage, there is no maximum loan-to-value ratio. If you refinance under HARP and your new loan is an adjustable rate mortgage, your LTV may not be above 105%."

2012-02-14  · The expanded program for homeowners is expected to be available in June 2012. We will update this site as more details become available. Bills.com will continue to keep you updated on the HAMP program, along with other new events, such as the HARP refinance program and the Obama refinance plan.

No, the HARP loan is not the same as the White House’s A Better Bargain for Responsible Homeowners program. HARP is a specific mortgage refinance product. The "A Better Bargain" program is the White House’s recommended set of mortgage market reforms.

But HARP 3.0 now has removed that limit. harp refinancing now also has released the lender’s liability on the original note. This is a major incentive to get more lenders to embrace the Home affordable refinance plan. Even if you have a second mortgage, you still may be able to participate in the new HARP.

HARP 2.0 Guidelines – After months of celebrating, the new and improved Home Affordable Refinance is being launched nationally. Many lenders are beginning to offer HARP 2 refinances, and they should be available everywhere by the end of 2016.

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