HARP 2.0 Applications Surge

Filed in HARP Program Updates by on April 19, 2012 1 Comment

According to a recent article in National Mortgage News, the five largest mortgage servicers have seen approximately 400,000 applications for refinancing under the new program:

“The 2.0 version of the HARP program is off to a strong start with the nation’s five largest servicers gobbling up applications, HUD secretary Shaun Donovan told a Mortgage Bankers Association gathering Thursday morning.

Roughly 400,000 HARP 2.0 applications have been taken by “five of the biggest servicers that we are tracking,” Donovan said.”

Although the program has been slow to be adopted by the major lenders, there is certainly a lot of demand for the program.  Recently Freddie Mac eased some of its lending guidelines in the hope that more people will be eligible to refinance at today’s low mortgage rates.

Underwater homeowners that are current on their mortgages are usually unable to refinance because they do not meet minimum loan-to-value underwriting requirements.  HARP 2.0 has eliminated these LTV requirements in order to make it easier for many people with above average mortgage rates to refinance.

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  1. G. Jones says:

    Bank of America has denied my request to refinance my 6.375% home loan for three years. I have struggled to pay my mortgage on time for a house that’s underwater. I thought the HARP 2.0 would help me, but I was still denied by BOA because I have lender paid mortgage insurance. I can’t sell my home and I can’t continue much longer paying the current mortgage.

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