Why a HARP 2.0 Loan is Right For You

The Home Affordable Refinance Program (HARP) is a federal program developed in 2009 in response to the 2007–2008 mortgage crisis. If you manage your monthly payments but do not qualify for normal refinancing due to market fluctuations, HARP 2.0 provides an opportunity for you to secure lower interest rates and a better mortgage period. For responsible borrowers, HARP 2.0 can provide relief.

Benefits of HARP 2.0

Under HARP 2.0, homeowners have access to the specialty-refinancing program without meeting the 125% or lower loan-to-value threshold required for the original HARP mortgage. Today, you need only prove that Fannie Mae or Freddie Mac financed your mortgage as well as the usual qualifications including credit, total debt, income, and employment information.

The benefits of a HARP 2.0 mortgage include:

• A fixed-rate that doesn’t change over time
• No appraisal required, which saves you time and money
• HARP 2.0 refinancing allows you to build equity quicker
• Your current mortgage insurance can roll over to your HARP 2.0 mortgage

Qualifying for HARP 2.0

Some homeowners have reservations about applying for a HARP 2.0 mortgage, but doing so could help you regain equity in your home and better manage your finances. Here are a few interesting facts you may not know about the HARP mortgage:

1. You may want to reapply for HARP

   If you were denied relief under the original HARP guidelines, you may qualify for refinancing under HARP 2.0.

2. You must take action in the next year to secure relief

   HARP will end in September 2017. A new program will take its place in October 2017, so if you want to receive refinancing apply now.

3. Florida homeowners save an average of $2,298 every year

   when they refinance with HARP. As of early 2016, there were 37,662 homeowners eligible for HARP loans in the state.

The professionals at Butler Mortgage specialize in helping Central Florida residents find and secure competitive mortgage rates using some of the country’s most cost-effective programs. Contact our team at 407-931-3800 for a free pre-qualification screening for HARP 2.0 or another one of our loan programs today.