Refinancing Your Southeast Michigan Real Estate with HARP 2.0

Posted in Southeast Michigan Real Estate by Michigan Real Estate Expert on June 25th, 2012

What is HARP 2.0?  HARP 2.0 is the revamped version of the Home Affordable Refinance Program.  It allows homeowners who owe more on their mortgages than their homes are worth to refinance into today’s low mortgage rates. Additionally, HARP 2.0 provides refinancing without high-priced closing costs and fees and appraisals are not even required in most cases.

Who qualifies?

To qualify for a HARP 2.0 refinance, you must meet these requirements:

  1. Your mortgage must be owned or guaranteed by Fannie Mae or Freddie Mac.
  2. The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
  3. You cannot have lender-paid mortgage insurance.
  4. You must be current on your mortgage and have no late payments in the last six months.
  5. You must have no more than one late payment in the past 12 months.
  6. This must be your first refinance through HARP.
  7. Your Southeast Michigan real estate’s current loan-to-value ratio must be greater than 80%.

What are the steps?

Here are four steps to refinance through HARP:

  1. Determine who owns the mortgage on your Southeast Michigan real estate and if it is owned or guaranteed by Fannie Mae or Freddie Mac. To check if your mortgage is backed by Fannie Mae or Freddie Mac, visit or
  2. Find out if your mortgage is old enough. (See #2 above.) You can find your mortgage start date by looking at your closing paperwork. In the upper-right-hand corner of your settlement is your “funding date.” That’s the date you’re looking for.
  3. Contact your current mortgage holder to inquire about HARP.
  4. Compare rates and costs with other mortgage companies to ensure the best refinance terms. If you want to explore refinancing options for your Southeast Michigan real estate, contact a HUD-approved housing counselor at 1-888-995-HOPE (4673). HUD can design a plan for your individual situation.

For more information on HARP 2.0 or for answers to other real estate questions, call me at 248-514-2640 or email me at

Lee Morof
Associate Broker/Certified Distressed Property Expert/Attorney
RE/MAX Showcase Homes, Birmingham, Michigan

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