Wednesday, May 22, 2013
On March 17, 2012 the U.S Government rolled out the H.A.R.P. 2.0 Refinance Program. This mortgage loan program allows U.S. homeowners the ability to refinance their homes regardless of their equity position.
H.A.R.P. (Home Affordable Refinance Program) was started in early 2009 to give responsible borrowers the opportunity to refinance to a lower interest rate even though they owed more on their home than the appraised value. With the first H.A.R.P. program there were loan to value restrictions, originally home owners could borrow up to 105% of their homes value. Later it increased to 125%. The main difference between H.A.R.P. and H.A.R.P. 2.0 is the loan to value cap has been lifted. Now borrowers can refinance regardless of home value. learn more..