The Home Affordable Refinance Program (HARP) has been designed to assist homeowners in refinancing their mortgages, even if they owe more than the home’s current value.
The primary expectation for Home Affordable Refinance is that refinancing will put responsible borrowers in a better position by reducing their monthly principal and interest payments, reducing their interest rate, reducing the amortization period, or moving them from a more risky loan structure (such as an interest-only mortgage or a short-term ARM) to a more stable product (such as a fixed-rate mortgage).

Who’s Eligible for a HARP 2.0 Refinance?
To qualify for a HARP 2.0 refinance, you must meet these requirements:
- Your mortgage must have been sold to Fannie Mae or Freddie Mac before June 1, 2009. you can look up your mortgage with their Lookup tool here.
- You must be current on the mortgage and have no late payments within the last six months. A late payment is defined as one that is more than 30 days overdue.
- You must have good payment history in the past 12 months, with no more than one late payment during this time.
- This must be your first refinance through HARP. If you have refinanced under an earlier version of the HARP program, then you do not qualify.
With the changes to the HARP Loan 2.0, homeowners who have mortgage insurance are now allowed to refinance, which means that current homeowners can potentially lower their current mortgage even with mortgage insurance.
Currently, the program deadline has been extended to December 31, 2013, so if you want to take advantage of the HARP program’s great opportunities, give The Mortgage Guys Atlanta a call so we can help determine the best option for you and your family.