Boise, ID -- (ReleaseWire) -- 05/02/2012 --The wait is over for homeowners who want to refinance but owe more on their mortgages than their homes are worth. Borrowers should find a wide range of lenders offering refinances through HARP 2.0, a program that allows borrowers to refinance regardless of how deeply underwater they are.

In places that were hit hardest by the housing downturn, homeowners have been waiting to refinance under HARP 2.0 for months, as it is their only chance to refinance at a lower rate.

HARP 2.0, a revamped version of the Home Affordable Refinance Program, was announced five months ago. Until now, only a limited number of borrowers had access to it. Although a few national lenders started to offer HARP 2.0 refinances to their own customers earlier this year, most lenders had to wait for Fannie Mae and Freddie Mac to update their automated underwriting systems with the program's new rules. All updates Have been completed!!

Today borrowers should have plenty of options when shopping for a HARP 2.0 refinance. If you are turned down for HARP 2.0, it makes sense to talk to a different lender.

Who is Eligible?
To qualify for a HARP 2.0 refinance, you must meet these requirements.

- Your mortgage must have been sold to Fannie Mae or Freddie Mac before June 1, 2009.
- You must be current on the mortgage and have no late payments in the last six months. A late payment is defined as one that's more than 30 days overdue.
- You must not have more than one late payment in the past 12 months.
- This must be your first refinance through HARP. If you have refinanced under an earlier version of HARP, then you do not qualify.

Overlays
Most lender will add their own Guidelines to the HARP 2.0 program. Such as limiting the LTV to 125% on Primary Home and 105% to Non Owner Occupied home. There will also be added Credit score requirements as well.

We are one of the few Lenders in town that do not have those Overlays. So if you have been turned down by another bank, Call us today!!

Our new resource site; http://www.boisemortgageexperts.com/harp2_home.htm, showcases pages of information to help Idaho borrowers realize that HARP loans are an ideal way for families with homes that have dropped in value to rebuild their investment, creating equity faster under a new structure.

HARP Specialist Jennie Woodall, says “readily available and with low interest rates, these HARP loans are an exciting way for people to enjoy double savings with lower monthly mortgage installment loan payments and increased equity over the long term restructuring.”

Wilfried Leammon & Jennie Woodall is available for interviews and will welcome all your mortgage related questions.
Call 208.573.6364 or visit http://boisemortgageexperts.com to see if you qualify for this new program.