{"id":1313,"date":"2011-11-18T14:37:39","date_gmt":"2011-11-18T14:37:39","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?p=1313"},"modified":"2011-11-18T14:37:48","modified_gmt":"2011-11-18T14:37:48","slug":"harp-mortgage-refinance-program","status":"publish","type":"post","link":"https:\/\/www.anthonydidonato.net\/wordpress\/harp-mortgage-refinance-program\/","title":{"rendered":"HARP Mortgage Refinance Program"},"content":{"rendered":"
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What is the Home Affordable Refinance Program (HARP)?<\/h2>\n

Announced in March 2009, HARP is a federal government program designed to help 5 million underwater or near-underwater homeowners refinance into a fixed loan with a lower monthly payment. However, as of Aug. 31, only 894,000 borrowers have refinanced through HARP. On Oct. 24, 2011, President Obama announced an overhaul to the HARP program with the intent of reaching more underwater homeowners. The expanded HARP program – also referred to as HARP 2.0 – will take effect on December 1, 2011 for borrowers with a loan-to-value ratio of less than 125 percent and in the first quarter of 2012 for borrowers with a loan-to-value ratio of greater than 125 percent.<\/p>\n

Why didn’t the original version of the HARP program work?<\/h2>\n

The original version of HARP had many roadblocks that made it difficult for homeowners to refinance. For example, the program only assisted those with mortgages with a loan-to-value ratio between 80 percent and 125 percent, but in many hard-hit housing markets across the country, homes have lost more than 50 percent in value making those homeowners ineligible for the program. Read more about why so few homeowners have been helped by the program<\/a>.<\/p>\n

How will the HARP program change?<\/h2>\n
Some of the major changes to the HARP program include:<\/div>\n