The HARP 2.0 Details and the Benefits to Refinancing…

Home Affordable Refinance Program (HARP) provides an option for homeowners to refinance “Under Water Mortgages”. Homeowners with a loan owned by Freddie Mac or Fannie Mae have the opportunity to refinance with any participating lender.

The following criteria and HARP 2.0 details must be met to qualify for the Home Affordable Refinance Program:Download our FREE HARP 2.0 ebook Today!


  • A HARP refinance only applies to Fannie Mae or Freddie Mac mortgages.
  • The homeowner must be able to afford the new lower payment.
  • The current mortgage must be up to date with no late payments in the past twelve months.
  • Payments on the new loan must be more affordable or more stable than on the existing loan.
  • The maximum Loan to Value (LTV) cap has been removed on home owners looking to refinance in to a fixed rate mortgage.
  • However for homeowners looking to refinance in to an adjustable rate mortgage the maximum LTV is set at 105%.
  • Mortgage insurance is now in most cases acceptable under the new program.
  • The appraisal process has been streamlined; in cases where an Automated value can be determined an appraisal would not be required.
  • Each mortgage lender will enact its own schedule for implementing these enhancements.

To determine if your loan is owned by Fannie Mae or Freddie Mac and to further evaluate your eligibility contact Hometown Lending Lynnwood by filling out the convenient 4 step form to the right.


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