The Home Affordable Refinance Program is expanding eligibility requirements, allowing homeowners who are underwater to qualify. By refinancing, homeowners gain a lower interest rate, therefore save money on their monthly payments. According to Bargaineering, more people may now be eligible,
Before, in order to be eligible for HARP, missing a mortgage payment was not allowed. Now, as long as you haven’t missed a payment in the past six months, it won’t disqualify you if you missed a mortgage payment in the last 12 months. The program has been extended through December 31, 2013, and gives time for homeowners to work to meet eligibility requirements for an eventual refinance.
The catch? Your mortgage has to be a Fannie Mae or Freddie Mac backed. That makes it too good to be true for many.
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