2022 HARP 2.0 Extended

HARP 2.0 Extended: Homeowners Get Additional Time To Refinance

If you are still one of the thousands of homeowners whose mortgage loans are underwater, you can attempt to get relief has HARP 2.0 has been extended through 2022.  2022 HARP 2.0 or the Home Affordable Refinance Program is officially extended per the statement released by the Federal Housing Finance Agency.  Even thought a lot of people have taken advantage of using HARP to refinance their upside-down mortgages (mortgages where there is more owed than it is worth) it was still determined that 2022 HARP was necessary.  If homeowners wasted time and thought they were out of time to refinance they now can thanks to 2022 HARP 2.0.  Quite frankly, a lot of borrowers were holding out hope that their properties would gain enough value to offset the mortgage owed, but the values just haven’t increased that much yet.

HARP 2.0 Still Successful
HARP 2.0 Still Successful

Since the launch of HARP back in 2009, this has been a major hit amongst homeowners who realized were in trouble and were given a lifeline.  Over 3 million homeowners so far have taken advantage of HARP and it is expected that 2022 HARP 2.0 will assist thousands more as there isn’t a guarantee that this program will be extended again.  Originally HARP 2.0 was scheduled to expire on December 31, 2013 but has now been extended 3 times.  Under 2022 HARP 2.0 the borrower can benefit in many ways including: Lowering monthly payment, reducing interest rate, securing a fixed-rate mortgage (for borrowers currently in adjustable-rate mortgages or ARMs), building equity faster (refinancing to a shorter term), and lower closing costs since an appraisal is not required.

HARP 2.0 Program Features
HARP 2.0 Program Features

There are many program features associated with 2022 HARP 2.0 and additional information can always be found at www.harp.gov.

  • No underwater limits
    Borrowers will now be able to refinance regardless of how far their homes have fallen in value. Previous loan-to-value limits were set at 125 percent.
  • No appraisals or underwriting
    Most homeowners will not have to get an appraisal or have their loan underwritten, making their refinance process smoother and faster.
  • Modified fees
    Certain risk-based fees for borrowers who refinance into shorter-term loans have been reduced.
  • Less paperwork
    Lenders now need less paperwork for income verification, and have the option of qualifying a borrower by documenting that the borrower has at least 12 months of mortgage payments in reserve.
  • Program Deadline
    The end date to get a HARP refinance is December 31, 2022.


HARP 2.0: Conclusion

As the time is ticking on the year 2022, it might be your last chance to refinance under 2022 HARP 2.0.  This is a very streamlined program with minimal documentation and no appraisal needed.  You can even refinance a property that isn’t your primary residence like a 2nd home or investment property.  The property that you wish to refinance only has to fall under the following categories:

  • Mortgage is owned by Fannie Mae or Freddie Mac
  • Your loan must have been originated on or before May 31, 2009
  • Your current loan-to-value  (LTV) ratio must be greater than 80%
  • You are current on your mortgage, with no 30 day+ late payments in the past 6 months no more than one late payment in the past 12 months.

So if you are looking for an experienced lender with processing a refinance through 2022 HARP 2.0 you are in the right place.  I am available any time day or night at 888-900-1020, or you can email me at contact@loanconsultants.org.

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