You may be eligible to refinance, without paying down your principal or adding costly PMI, through the HARP program or Home Affordable Refinance Program if you are underwater on your mortgage as many are here in Ocala. The HARP system was created to give property owners with underwater mortgages the chance to refinance to today’s reduced rates, without an appraisal! This program had been revised in March of 2012, therefore you may now be eligible if you attempted to refinance before that time without success, the parameters have changed and. The new program is now called HARP 2.0.
Eligibility Requirements for HARP 2.0
There are numerous demands you need to satisfy to qualify for HARP 2.0 Refinance:
1). Your loan must certanly be a mainstream loan supported by Fannie Mae or Freddie Mac. You are not eligible for HARP, but may qualify for an FHA Streamline Refinance or VA Streamline Refinance if you have an FHA or VA loan.