The modified HARP program – HARP 2.0, also referred to as The Making Home Affordable Program, the DU Refi Plus Program, and/or the Obama Refi Program – is specifically targeted towards Michigan homeowners having a loan-to-value ratio less than 125 percent.
However, an additional guideline change to HARP 2.0 actually lifted the loan-to-value restrictions. So, Michigan borrowers with a loan-to-value ratio even greater than 125 percent can now apply to this program.
HARP 2.0 gives Michigan homeowners the ability to refinance at today’s low mortgage rates without private mortgage insurance, exorbitant closing costs and fees, and in most cases without an appraisal. If you have been turned down before for this program, you will certainly want to re-apply for HARP 2.0.
In order to qualify for HARP assistance, the basic eligibility requirements are:
1. Your loan must be backed by Freddie Mac or Fannie Mae
2. Freddie or Fannie should have bought your mortgage prior to June 1st, 2009.
Determine If Your Loan Is Backed By Fannie Mae or Freddie Mac
Unfortunately, Michigan homeowners rarely know who “owns” their mortgage loan. Normally, homeowners receive their monthly statements, and make their monthly payments, to their mortgage servicer. This is usually not the company that provided the funds originally to make the loan.
You can check “lookup” forms on the Fannie Mae and Freddie Mac web sites. However, keep in mind that these web forms are not always accurate as the address would have to be exactly the same as was recorded with Fannie or Freddie.
Click Here To Check Fannie Mae | Click Here To Check Freddie Mac
Or, you can have us check for you:
USDA, FHA or Jumbo mortgages are NOT HARP-eligible.
|HARP 2.0 Common Q & A’s|
|HARP Eligibility Guidelines|
The most noticeable and major changes in the HARP 2.0 program are:
Elimination of underwater limits which implies that Michigan borrowers now have the opportunity to refinance regardless of the fallen values of their homes, whereas loan-to-value limits were previously prefixed at 125 percent.
Underwriting and appraisals have been eliminated and homeowners need neither appraisals nor their loans underwritten. This makes the refinancing process much faster and smoother.
Fees have been modified for shorter-term loans or abolished and the deadline for getting a HARP refinance has now been stretched to Dec. 31st, 2015.
Your Next Step…
Applying For The HARP Program – Making Home Affordable Refinance
Getting approved for a HARP 2.0 refinance involves the following steps:
Step 4: Meet with Jeff Tufford to go over the final numbers, closing date, etc.