PHILADELPHIA ? After months in the works, HARP 2.0 is available to Fannie Mae and Freddie Mac borrowers who want to refinance but owe more on their mortgages than their houses now are worth.
HARP 2.0 ? HARP stands for Home Affordable Refinance Program ? is being billed as an improvement over the 3-year-old version that just about everyone acknowledges didn?t help anyone.
The reason for that failure: The original program had limits on loan-to-value ratio, the amount of a mortgage as a percentage of the appraised value of a property. If the balance of a mortgage exceeded the appraised value ? say, $300,000 versus $150,000 ? the borrower wasn?t allowed to refinance.
Recognizing that none of the borrowers the program was intended to help would be able to qualify, the limits were dropped when the new version of HARP was heralded in October.
Does that mean all lenders have agreed to no limits???????..
Read more here: http://www.bradenton.com/2012/04/06/3984616/harp-refinance-program-ready-for.html#storylink=cpy
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