I saw a great blog post today by Rhonda Porter (a local Mortgage Broker who is a prominent blogger) that gives a detailed outline on what to expect in the upcoming Expanded HARP 2 guidelines. Harp stands for the Home Affordable Refinance Program that was released by the Department of Treasury and the Department of Housing and Urban Development back in 2008 to help homeowners who were underwater on their mortgages get back on their feet. Unfortunately not many homeowners were able to take advantage of it because of the strict guidelines and the reluctance of banking institutions to take the risk of loosing even more money. These new guidelines are meant to help address these concerns and prompt more mortgage companies to provide HARP options to homeowners who are at risk.
Rhonda points out that many homeowners who previously did not qualify might now be eligible. Her blog outlines the main requirements that will be in effect as of March 17th, 2012. This is definitely worth checking out if you are thinking of refinancing.