Since the new HARP 2.0 was implemented, New American Funding, a national mortgage banker, has experienced high demand and great success in helping consumers refinance with this program.
New American Funding began offering consumers the ability to refinance with HARP 2.0 in March 2012. The program helps homeowners that were previously unable to refinance due to loan-to-value guidelines, take advantage of today's low interest rates.
The original HARP (Home Affordable Refinance) program, created by the Federal Housing Finance Agent and effective in April 2009, allowed those with an LTV of 80%, up to an LTV of 105%, to refinance. Since then, the HARP program has experienced various revisions, with the latest ending in the newly nicknamed HARP 2.0.
The newest revision of the program eliminates LTV caps, allowing severely underwater homeowners the ability to lower their interest rate and payment. There is no equity and no appraisal required on HARP 2.0 refinances.
As of May 2012, more than 1.3 million borrowers have been helped by the HARP program and more than 78,000 home loans were refinanced using the new HARP 2.0 in the first five months of 2012.
For complete guidelines and eligibility information, contact New American Funding at 800-450-2010.
About New American Funding
New American Funding is a Fannie Mae Seller/Servicer, FHA Direct Endorsement – HUD Approved, and VA Automatic mortgage lender with approximately 550 employees. The company is licensed in 21 states across the nation and offers a variety of home loan options, including HARP, FHA, Conventional, VA, Jumbo and Reverse Mortgages.