• HARP 2.0. The second phase of the government’s Home Affordable Refinance Program is designed to cast a wider net, so more homeowners will be able to refinance. The major change: There’s no longer a maximum loan-to-value ratio (previously, it was 125%), which means you can be far underwater and still refinance. “But perhaps equally as important is that there is no [requirement for] proof of the amount of income — just that the income exists — no appraisal of the property, and the chance for reduced fees if the term is shortened to 20 years or less,” says Gumbinger. The program is set to run through December 2013. Call to see what aspects of this program you qualify for.
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