HARP 2.0 Las Vegas
The Home Affordable Refinance Program 2.0 (HARP 2.0) is a mortgage program backed by the US government and intended to assist homeowners in refinancing their mortgages, even if they had been disqualified previously, owe more than the home’s current value, or have an adjustable-rate mortgage. Most homeowners fail to take advantage of this government program even though they are eligible. If an individual is current on their mortgage, regardless of equity, they are eligible for this program.
Should you apply for HARP 2.0?
This program might be a wise decision if you answer "Yes" to any of the following:
- Are you having difficulty paying your mortgage?
- Is your mortgage amount owing more than your home's value?
- Are you not qualified for a loan modification?
- Have you applied for a refinance loan previously but did not qualify?
- Has your property's value fallen?
- Do you have an adjustable-rate mortgage (ARM mortgage)?
Benefits of HARP 2.0
There are many benefits to the program based on the fact that it allows borrowers to take advantage of record low market rates. These benefits include smaller monthly payments, lower interest rates, and a shorter and more stable loan term.
Do you qualify for HARP 2.0?
You qualify for HARP 2.0 if the following criteria are met:
- You are current on your mortgage (No payments over 30 days late in the last six months and no more than one late payment in the last twelve months.)
- Your mortgage loan originated on or before May 31st, 2009
- Your mortgage loan is guaranteed or owned by Fannie May and Freddie Mac.
- The current loan-to-value (LTV) ratio is greater than 80%