Harp 2.0 Mortgage Refinance
This loan allows for loan amounts at unlimited loan to values meaning you could finance any loan amout regardless of the value of your property. This loan applies only to Fannie Mae and Freddie Mac Loans.
Minimium credit score is 620 and rates just as low as your standard Conventional rates.
What are the Requirements for a Harp 2.0 Mortgage Refinance
You may be eligible if you meet all of the following criteria:
- The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae.
- The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
- The mortgage cannot have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009.
- The current loan-to-value (LTV) ratio must be greater than 80%.
- The borrower must be current on the mortgage at the time of the refinance, with a good payment history in the past 12 months.
- Closing cost are added into your loan so in most cases no money out of pocket.
- If your loan is owned by Freddie Mac, you may check your potential eligibility for HARP here.
- If your loan is owned by Fannie Mae, you may check your potential eligibility for HARP here.