No underwater limits
Borrowers will now be able to refinance regardless of how far their homes have fallen in value. Previous loan-to-value limits were set at 125 percent.
No appraisals or underwriting
Most homeowners will not have to get an appraisal or have their loan underwritten, making their refinance process smoother and faster.
Certain risk-based fees for borrowers who refinance into shorter-term loans have been reduced.
Lenders now need less for income verification, and have the option of qualifying a borrower by documenting that the borrower has at least 12 months of mortgage payments in reserve.
If you qualify to refinance your mortgage through HARP, you’ll go through an application, approval and closing process (similar to when you got your original mortgage). A HARP lender will work with you through every step, and will help determine if HARP meets your specific needs. Outlined below are the steps to get started.