New Lifeline for Underwater Military Homeowners: HARP 2.0

New Help for Military Homeowners HARP 2.0

Keep Your Dream Home Alive With HARP 2.0

By Carmen Grant, Military Spouse and Writer

Does this sound familiar?¬†You bought a home. A year later ¬†(and three years before you expected) you get orders. You put your home on the market knowing that it is completely underwater and you won’t be able to sell your home for what you paid. Also, the rents (and BAH) have gone down and you can’t get rent to cover your mortgage payment. You have few options which are all financially burdensome.

The original Home Affordable Refinance Program (HARP) program provided relief for a few. Others were left with very few options: Sell at a HUGE loss (a shortsale) or submit to a credit (or job) killing foreclosure.

Fortunately, HARP 2.0 is a new LIFELINE designed to provide REAL HELP for distressed military homeowners.

What is the Home Affordable Refinance Program (HARP)?

HARP is a federal government program designed to help homeowners that owe more on their homes than their homes are worth. The program allows them refinance their homes into fixed loans with shorter terms and lower rates. The original program did not extend far enough to help people that needed it the most – mainly those that bought homes in areas where they lost 50% or more of the purchase value. The terms were revised and the result was HARP 2.0.

What Changed With HARP 2.0?

  • 125% Loan-To-Value cap REMOVED- meaning it does not matter how much value the house lost since purchase.
  • Modified and eliminated some fees, including risk-based fees for borrowers.
  • Expanded qualifications for investment properties (non-owner occupied homes) and more!

Do You Qualify for HARP?

Primary requirements to qualify for HARP 2.0:

  • Mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae.
  • Mortgage must have been Sold to Freddie Mac or Fannie Mae on or before May 31, 2009.
  • Mortgage could not have been previously refinanced under HARP.
  • You owe MORE than your house is worth.
  • Your first mortgage is CURRENT WITH NO LATE PAYMENTS in the last 6 months.
Look Up Your Mortgage
Phone number: 1-800-FREDDIE (8 am to 8 pm ET)
Phone number: 1-800-7FANNIE (8 am to 8 pm ET)

Easy Eligibility Calculator

If you think you might qualify for HARP 2.0, use the HARP Program Eligibility Calculator.

Zillow Program Eligibility Calculator for HARP 2.0

Navy Federal Credit Union HARP and Other Mortgage Assistance Programs

If your mortgage is through Navy Federal Credit Union and was sold to Freddie mac or Fannie Mae, there are NFCU specialists that can help you through the HARP process. Click the button below to see if your NFCU mortgage qualifies for the program. 


If you know your home will not qualify for HARP 2.0 and you would like to review some other options to avoid foreclosure, check out these other NFCU products OR call your local mortgage broker / company:

  • Repayment Plan
  • Loan Modification
  • Home Affordable Modification Plan

Help for Military Homeowners

What do you think about the HARP 2.0 program? Is it something you think can help you? Do you have a story you would like to share with other readers regarding your mortgage that might provide additional assistance? If so, please leave a comment below.

For more information about HARP 2.0, please visit the Home Affordable Refinance Program government website.

Post Ad to Sell Home Now   Post Free Ad to Rent Your Home Now

%d bloggers like this: