(PRWEB) March 12, 2012
To inform underwater homeowners of a new refinancing option, Loans.org has published an article about the requirements borrowers must satisfy to qualify for the updated Home Affordable Refinance Program (HARP). The original HARP was far too restrictive, Loans.org says, and many of the nations struggling borrowers were unable to qualify for its help. The new HARP 2 programs requirements, however, have undergone a complete overhaul and should prove to be of far more use to homeowners across the nation.
With the original program, homeowners were required to have a loan-to-value (LTV) ratio of 125 percent or less. But when the housing market collapsed, homeowners saw their LTVs skyrocket as a result of their severely depreciated property values. If somebody had an LTV of just 125 percent, they were considered fortunate.
HARP 2 has eliminated that 125 percent LTV ceiling on fixed-rate mortgage loans and should prove to be the help that homeowners have been looking for.
Some additional qualifications for HARP 2 are:
