Can I Refinance My Mortgage Through HARP 2.0 With Ocwen As My Servicer?
Does Ocwen or Many Other Popular Mortgage Lenders Participate In The HARP 2.0 Refinance Program?
There are many folks who have a mortgage loan provider that does not participate in the HARP 2.0 refinance program. This has made life tough for many people who are deeply underwater on their mortgage and have not been able to take advantage of the historic low interest rates.
HARP 1.0 was originally started in April of 2009 to assist people who were underwater on their mortgages, and wanted to lower their interest rate on their first mortgage. There were many changes to the original program that took effect in March, 2012. The program is now called HARP 2.0.
Some Lenders have credit “overlays” on their HARP program which means the rules that Fannie Mae and Freddie Mac have published are not being followed due to the conservative nature of the Bank. Once of the top reasons that HARP 2.0 is not living up to its potential is the Loan-to-value restrictions that are being put in place. Most Lenders stop at 125% or 150% loan-to-value instead of being unlimited.
Ocwen is my servicer. Will I be able to qualify for Harp 2.0?
If your current note date was delivered to Fannie Mae or Freddie Mac prior to 06/01/2009, you very well may be eligible.
There are NO loan-to-restrictions! It is unlimited so you do NOT have to be worried about what your home is worth to be able to qualify.