More number of homeowners are in financial distress; one of the major issues with them is their long-term inability to afford their mortgage payments which ultimately gives rise to the probability of facing foreclosure. Home Affordable Refinance Program, originally introduced in 2009, is created to help responsible underwater or near-underwater homeowners refinance their mortgages and thus to help them get mortgage relief. Later in 2011, some announcements were made in HARP guidelines with HARP 2.0 mortgage refinance loan program in order to expand population of financially struggling homeowners who will be able to refinance their mortgages and prevent foreclosure.

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If any homeowner is not behind on his mortgage payment and is unable to get traditional refinancing due to declined value of his home, he may consider applying for HARP 2.0 mortgage refinance loan program. But prior to applying for this federal mortgage refinance plan, one must be well-versed with the approval criteria that apply to the program and changes made in its eligibility guidelines. According to HARP 2.0 refinance guidelines for eligibility, borrowers could now be able to refinance their mortgages regardless of how far their homes’ value has fallen. Moreover, some appraisals and underwriting might also be eliminated making refinancing process faster and smoother. Apart from this, here are some more HARP 2.0 refinance guidelines for eligibility:

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1. Mortgage should be owned or guaranteed by Fannie Mae or Freddie Mac.
2. Mortgage should have been sold to Fannie Mae or Freddie Mac on or prior to 31 May, 2009.
3. Mortgage could not have been refinanced under HARP earlier unless it is a Fannie Mae loan which had been refinanced under Home Affordable Refinance Program from March-May, 2009.
4. Current loan-to-value (LTV) ratio should be more than 80%.
5. Borrower needs to be current on his mortgage at the time of refinancing and should have a good payment history in the past 12 months.

Thus many such approval criteria as well as specific process requirements might apply to the HARP 2.0 mortgage refinance loan program. Before applying, borrower should get a detailed understanding of the same. If you do not know how HARP works and what it takes to get benefited with it, you can consider taking a professional help from a well-known, reliable and competent mortgage specialist who has spent years in assisting borrowers throughout the process of getting mortgage relief using his years of experience and expertise.