If you are sitting in a home for which you owe more than it is currently worth, you are one of millions of homeowners in the exact same predicament. The good news is that you no longer have to sit underwater with a mortgage that is sub-prime or at interest rates that far exceed what is currently being offered. If you meet the requirements you can now refinance your home through the HARP 2.0 program.
Places like Florida, which have seen the worst of the mortgage crisis and falling home values, will be especially happy to take advantage of the refinancing structure offered by HARP 2.0. As a revamped version of the Home Affordable Refinance Program, HARP 2.0 offers multiple options for homeowners and expands the reach of its assistance.
With the original release of HARP, some homeowners ran into the issue of lenders refusing to refinance more than 105% of a home’s value, even though the program’s cap was 125%. However, with HARP 2.0, lenders including Choice Mortgage Bank have agreed to remove the previous cap and are willing to refinance according to the new guidelines.
So who’s eligible for HARP 2.0? To qualify for refinancing through HARP 2.0, homeowners must meet the following requirements.