Posted February 3rd, 2012 under Market UpdatesHARP 2.0 Winners & Losers
Tags: HARP refinance, RefiPlus Refinance, Seattle Bellevue mortgage, 98004 mortgage, Seattle Bellevue home loans, Seattle Bellevue home mortgage, 98004 home mortgage
You’ve probably heard of the HARP program. If not, it is a conventional mortgage loan program that helps home owners that are underwater on their homes refinance their properties without the need for mortgage insurance. The common name on the street for this mortgage option is called RefiPlus or Relief Refinance.
The previous version of HARP capped how far underwater the home can be. The loan to value can be no greater than 125% or 25% underwater. HARP 2.0 is an extension of the old version of the program with some rule revisions.
One of the main rule changes is the removal of the cap of the loan to value. As of this post, the new HARP 2.0 changes are undeliverable to the general public. More will be revealed as to when it might be available.
In the meantime, I’ve found an article that outlines the winners and losers of the HARP 2.0 program. Click on the previous hyperlink to see.
Stay tuned for updates on how and when consumers will be able to take advantage of this new program.