- No underwater limits! Borrowers will now be able to refinance regardless of how upside down or underwater they are in their mortgages.
- There may be no appraisal requirements! Some homeowners may get appraisal waivers making their New Jersey HARP Refinance process smoother and faster.
- Certain risk-based fees eliminated! For borrowers who do the HARP Refinance and switch into shorter-term loans these fees will either be eliminated or modified. Extended deadline!
- The end date to get a HARP Refinance has been extended to Dec. 31, 2013.
Monday, April 02, 2012
HARP Springs Eternal -- New ReFi Options for NJ Homeowners
HARP is a federal government program designed to help millions of underwater or upside down homeowners refinance into a fixed loan with a lower monthly payment. It was rolled out in March 2009. However, on Oct. 24, 2011, President Obama announced an overhaul to the HARP Refinance Mortgage Program with the intent of reaching more underwater homeowners. The expanded HARP Refinance program – also called HARP 2.0 – is rolling out this month for borrowers with a loan-to-value ratio of greater than 125 percent.