The Home Affordable Refinance Program (HARP) launched in 2009 as a means to aid homeowners to take advantage of low interest rates. The program expanded in 2012 with the release of HARP 2.0, which removed the loan to value caps, and opened the market up to many more homeowners.
President Obama, in his 2012 State of the Union address, made reference to expanding the program to include mortgages that are not owned by Fannie Mae or Freddie Mac. Talk has picked up recently about HARP 3.0, although nothing has been proposed as of yet.
However, there is currently a petition circulating that would remove the securitization date for HARP 2.0 refinances. The securitization date has nothing to do with the closing date. Currently HARP 2.0 is only available to Ohio Homeowners whose mortgage was securitized by Fannie Mae or Freddie Mac prior to May 31, 2009. Many Ohio residents have been unable to take advantage of low interest rates because their home is “underwater” and their mortgage was not securitized before the current cut off date.
The petition is also requesting that homeowners be allowed to refinance with the HARP 2.0 program even if they have already done so. Let’s call it a re-HARP.
I strongly urge you to sign the petition here: http://wh.gov/PQOH
Ohio residents that would like a mortgage quote, or to see if you qualify for a HARP 2.0 refinance you can complete the Free, No Obligation Rate Quote form.