Borrowers cannot have missed or mortgage that is late inside the 6 months ahead of trying to get the HARP 2.0 system with no one or more belated payment in past times twelve months.

Repeat Usage of System

Under many circumstances you simply cannot have formerly refinanced your mortgage with HARP 2.0 and that means you cannot make use of the program numerous times.

The HARP 2.0 Program will not apply a maximum loan-to-value (LTV) ratio rendering it well suited for homeowners who will be underwater on their approved cash home office home loan. For instance, if your house is valued at $100,000 as well as your home loan stability is $110,000, you’re underwater in your loan since your house is really worth not as much as that which you possess in your home loan. It will always be impractical to refinance your home loan if you should be underwater on your own house. Since the system doesn’t make use of a LTV that is maximum ratio loan providers may well not need an appraisal report which saves borrowers time and money. In instances where loan providers have access to a trusted property value estimate from Fannie Mae or Freddie Mac, named an Automated Valuation Model (AMV) value, a unique assessment shouldn’t be required. If a dependable home value just isn’t available through Fannie Mae or Freddie Mac a brand new assessment report is generally required.

Please be aware that the no LTV ratio rule just is applicable in the event that you refinance an owner-occupied home and usage fixed price mortgage. The utmost LTV ratio for non-owner occupied properties or if you refinance into an adjustable rate home loan (ARM) is 105%.