New Refinancing Opportunities for Homeowners with HARP 2.0 - Revisited

The Home Affordable Refinance Program (HARP 2.0) now offers new refinancing opportunities for homeowners who are “underwater” on their mortgage and have not previously been able to qualify to refinance because of declining home values.

 You may be eligible to refinance with HARP 2.0 if you meet the following criteria:

• Your mortgage must be owned or guaranteed by Fannie Mae or Freddie Mac.

 See Loan Lookup below to determine if your loan is eligible for refinance.

• Your mortgage cannot have been previously refinanced under HARP.

• Your current loan-to-value ratio must be greater than 80%.

• You must be current on your mortgage at the time of the refinance, with a good payment history for the past 12 months

To determine if Fannie Mae or Freddie Mac own the loan use the links below

Fannie Mae Loan Lookup (FNMA)

http://www.fanniemae.com/loanlookup/

Fannie Mae Loan FAQs

http://www.fanniemae.com/resources/file/aboutus/pdf/loanlookupfaq.pdf

Freddie Mac Loan Lookup

http://www.freddiemac.com/mymortgage

Industry estimates of underwater mortgages are about 20 percent of all homes with a mortgage. Of these, approximately 50% of these mortgages owned or guaranteed by Fannie Mae or Freddie Mac. So why not check to determine your eligibility?

FYI

Fannie Mae was loaned $116 billion in bailout funds
Fannie Mae has repaid $28.5 billion (24.6%)

Freddie Mac was loaned $71 billion in bailout funds

Freddie Mac has repaid $21.9 billion (30.8%)