HARP II Features Unlimited LTV, Support For Second Mortgages
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Every other week, I write a column for the HSH.com website. HSH provides mortgage insight to businesses and homeowners. This week’s column is now live.
Breaking Down The HARP II Refinance Program
Today’s article is titled “Breaking Down The New HARP Program”. It’s about the government’s HARP 2011 plan, and what homeowners should expect from the program. The process starts with a loan application.
HARP II is a reworked version of the original HARP program, first launched in 2009. The original HARP program was positioned as help for more than 9 million U.S. households. Fewer than 900,000 took advantage, however. The revamped HARP II incorporates some key changes.
An excerpt from the HSH article :
The most notable change is the LTV limit has been waived. Therefore, no matter how far underwater you are, you’re still eligible for HARP. That means the program is now in reach for homeowners in states such as Nevada, Michigan and Arizona where LTVs can exceed 200 percent.
HARP II is expected to be within 2 weeks of November 15, 2011.
Get A HARP II Mortgage Rate
Mortgage rates for the HARP II Refinance Program are expected to be comparable to those for “ordinary” conforming mortgages through Fannie Mae and Freddie Mac. You won’t pay big premiums for using HARP and underwriting is expected to be smooth.
The FHA Streamline Refinance : The Complete Mortgage Guidelines (Plus Mortgage Rates)
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