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A month or so ago, I discussed the upcoming release of HARP 2.0.  HARP 1.0 is a mortgage program which allows homeowners to refinance up to 125% of their home’s value.  Of course, some lenders do put their own restrictions on the Loan to Value (LTV).  HARP 2.0 is “supposed” to remove the LTV cap for underwater homeowners and provide them with the much needed benefit of a refinance at a lower rate.

Even though this program was released last year, the official launch should be in mid March 2012.  Fannie Mae and Freddie Mac have been updating their systems in order to accomplish the approvals of this new program.

Call to action:  DO NOT wait until mid March to start thinking about doing this.  Go ahead and get your loan officer on the phone and get the process started now.  I’m sure you can imagine the massive influx of new refinance applications that will pour in once this has been released.  Your loan officer will give you a list of items needed in order to process and underwrite your new loan.  Make sure you’re at the top of the stack not the bottom.

To apply immediately, you can call me at 678-725-8076 or go to my website www.ChuckWalden.com and apply there.

About the Author:  Chuck Walden (NMLS #148160) is a loan officer with Prospect Mortgage.  Email Chuck at chuck.walden@prospectmtg.com or call 678-725-8076.  Bonus: Click to get a free, no obligation preapproval. I love to work with my readers!

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