Originally introduced as a part of Making Home Affordable MHA plan by the Obama administration in 2009, the Home Affordable Refinance Program HARP gives financially struggling homeowner a fresh opportunity to refinance their mortgages and replace a risky as well as unaffordable mortgage product with a more affordable and sustainable one, no matter how much underwater homeowners are. Later in 2011, the Obama administration announced changes in HARP guidelines by introducing HARP 2.0 mortgage refinance loan program and expanded a number of homeowners who could qualify for the program.

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Under the new HARP 2.0 refinance eligibility guidelines; there may not be loan-to-value cap for fixed-rate loans. Under previous version of HARP, LTV ratio could not exceed 125%. While applying for HARP, borrower should be current on his mortgage payments. He could have a single 30-day-late payment in the past twelve months but none during the past six months. If you earlier dropped the idea of getting benefited with HARP 2.0 mortgage refinance loan program due to its stringent approval criteria, you can give it another try with its changed eligibility guidelines. If you are not behind on your mortgage payments but could not opt for traditional refinancing due to fallen value of your home, you can be considered for HARP 2.0; to qualify for it, there are some HARP 2.0 refinance guidelines you may need to follow:

1. In order to get approved for HARP, borrower’s mortgage should be owned or guaranteed by Fannie Mae or Freddie Mac.
2. Moreover, the mortgage should have been sold to Freddie Mac or Fannie Mae on or before 31 May 2009.
3. Borrower’s current loan-to-value ratio needs to be more than 80%.
4. As aforementioned, borrower should be current on his mortgage at the time of refinancing.

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Prior to applying for this Obama mortgage relief program, one must enhance his knowledge on HARP 2.0 refinance guidelines. Also it is important for homeowner to understand how this program works, what its process requirements are and what refinance fees will apply, if any. To know all these, it will be better if borrower gets professional help from a competent mortgage expert as experts are well-versed with Making Home Affordable plans or different alternatives to foreclosure. With expert’s guidance and knowledge, you could be able to choose the best mortgage relief program and move on with it successfully. Additionally, if there is a well-known and reliable expert to assist you throughout the process of qualifying for HARP 2.0 mortgage refinance loan program,