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Was the Harp 2.0 program closed at some point and was the Harp 2.0 just doing interest rate reductions?

by jstshu_389_623 from Phoenix, Arizona. Feb 7th 2013 Reply


Steven Ceceri (123LoanYes)
#12 ranked lender in Rhode Island - 723 contributions

Good Afternoon. Harp 2.0 current consists of Fannie Mae's Refi Plus & DU Refi Plus and Freddie Mac Refi Relief programs. They both have different "sunset dates" as follows: Fannie Mae: Lenders may continue to originate Refi Plus and DU Refi Plus loans provided the note date of the new mortgage is on or before December 31, 2013. Whole loans must be purchased by Fannie Mae no later than April 30, 2014, or in MBS pools with issue dates no later than April 1, 2014. Freddie Mac: (Same Servicer & Different Servicer Program/Open Access Program) Application Received Dates on or after December 1, 2011, and on or before December 31, 2013 must have settlement dates no more than 12 months after the note date and on or before September 30, 2014. The goal of both programs is to help borrowers reduce interest rates, thus lowering the monthly payment and making the payment more affordable. If you have any direct questions, please feel free to message me offline. Thank you!

Feb 7th 2013
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William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions

HARP 2.0 is scheduled to end December 31st, 2013 (if it's not extended). It is not a interest rate reduction program.. it's a refinance program, albeit, most do get a reduction in their interest rate, others are able to move out of an Adjustable Rate, or Interest Only loan, into a fully amortized loan.... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Feb 7th 2013
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Benjamin Bote (Benjamin)
#807 ranked lender in California - 20 contributions

The HARP 2.0 is still here. The limitation is Rate and Term refinance - no cash out at closing (actually, max. $250)

Feb 7th 2013
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Derick Condron (rightstartoregon)
#30 ranked lender in Oregon - 598 contributions

Yes HARP is still around. The program is a refinance program so you have a new note and all that goes along with that.

Feb 7th 2013
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Dave Skow (daveskow)
#15 ranked lender in Washington - 455 contributions

Harp still there ...fyi .1).if the present loan closed post May 2009 , then the HARP program cant help 2) if the Harp program already used once- cant use it again more info - here . Enter exactly as it appears on your mortgage statement. https://www.knowyouroptions.com/loanlookuphttps://ww3.freddiemac.com/corporate/thanks

Feb 7th 2013
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Larry Gray (lgray_312_247)
#597 ranked lender in California - 1,139 contributions

The intention of the program:to enable qualified individuals whose home value no longer qualifies them under fannie maeand freddie mac guidelines for a refinance loan. You get once to refinance under the program as long as your last loanwas prior to June 2009. The program continues as we are still awaiting to see if there will be a Harp 3 program or not.

Feb 7th 2013
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Barb Lanis (BarbLanis)
#69 ranked lender in Illinois - 679 contributions

HARP is still Open for Business. It's set to expired 12/31/2013, but I doubt very much that it won't be extended. The "recovery" hasn't happened yet, despite the silly talking heads on the networks regarding a housing recovery.

Feb 7th 2013
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Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions

HARP 2 is still here, and is currently scheduled to end December 31st, 2013. HARP is basically a standard refinance - so yes, it is simply a interest rate deduction program. There are other programs for modifications. www.HARP-Refinance-MN.com

Feb 8th 2013
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,249 contributions

Sounds like you are confusing HARP with HAMP - the 2nd is a mortgage modificaiton program where the terms of the original loan are changed including the option of reducing the interest rate in certain situations as an alternative to foreclosure. Neither were "closed" at some point but as others have indicated there is an end date.

Feb 8th 2013
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Michelle Curtis Loan Originator NMLS 401173 (MichelleCurtisLO)
#77 ranked lender in Florida - 2,245 contributions

Once it was introduced it has been available since.

Feb 8th 2013
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Steve Azarch (sazarch)
#18 ranked lender in Tennessee - 93 contributions

You still can do Harp loans but suppose to expire 12/31/2013

Feb 8th 2013
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Garett Hyman (GarettHyman)
#40 ranked lender in Michigan - 14 contributions

Harp 2.0 is still available, there must be a tangible benefit in most cases is an interest rate reduction.

Feb 8th 2013
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Joe Shamie (Joe Shamie)
#4 ranked lender in New Jersey - 1,412 contributions

HARP is still availale to payoff loans that qualify for a HARP REFI

Feb 8th 2013
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While this harp 2.0 program may be ending in the future, people are already talking about "HARP 3" and hopefully how it will contain a provision to allow borrowers to enjoy ALL of the bells and whistles that the program has to offer without being restricted to the current servicer. For example, I've been hearing a lot of folks who are current with Wells Fargo, Chase, Bank of America, etc who are told that they must refinance with their same lender/servicer because they are at 170% LTV or a variety of other reasons which the average mortgage banker cannot tolerate since they are restricted to having a DU/LP approval. I'm hoping that the new version of HARP solves for that.All the Best,Joe Mortgage

Feb 12th 2013
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