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 is made to give property owners with underwater mortgages the chance to refinance to today’s reduced rates, with no assessment! This program ended up being revised in March of 2012, so you may now be eligible if you attempted to refinance before that time without success, the parameters have changed and. The new system is now called HARP 2.0.
Eligibility Needs for HARP 2.0
There are many needs you need to satisfy to qualify for HARP 2.0 Refinance:
1). Your loan needs to be a traditional loan supported by Fannie Mae or Freddie Mac.