You are not alone.

According to this article in Bloomberg, Bank of America has been swamped due to the HARP refinance and is way, way, way backed up which will cause a significant delay in getting your HARP refinance loan closed.

According to Bloomberg:

Bank of America Corp., struggling to handle mortgage refinancing after a U.S. program boosted demand, is telling some customers to wait 90 days before starting an application, said two people with knowledge of the policy.

The firm began a reservation system last week that asks those who call during high-volume times if they wish to be contacted again in 60 to 90 days, said two people who requested anonymity because the measure hasn’t been announced. Wells Fargo & Co. (WFC) and New York-based JPMorgan Chase & Co., the biggest U.S. mortgage lenders, said they aren’t stalling customers.

The delays may push borrowers to other lenders or discourage them from taking advantage of record low interest rates. The government’s Home Affordable Refinance Program, which helps homeowners lower payments, has increased refinance applications and strained capacity at Bank of America, which exited some mortgage lines last year. The U.S. program, now dubbed HARP 2, was broadened in 2011 so more people qualify.
“The HARP 2 program is a much bigger deal than people thought, and Bank of America is dysfunctional to begin with,” Paul Miller, an analyst at FBR Capital Markets Corp., said in an interview. “This is a result of getting out of the business at the exact time they should be getting into the business.”

In addition to having people wait for the HARP 2 refinance program, don’t forget that it stopped offering cash out refinances last month so if borrowers want to tap their home equity, they’ll either have to try a HELOC or go elsewhere.

If you are interested in getting a HARP 2 refinance done, the best place to get a free quote is right here! We can match you up with multiple lenders who are offering the HARP 2 program and you can refinance your house and get a lower rate and save money. Get a free HARP refinance quote from multiple lenders now!

Mortgage Insurance has a different policy for consumers with or without mortgage insurance. It can cause you to get denied if you do not know all your options or the correct course of action.

Mortgage insurance is deeply necessary, and can make it harder to secure a new loan through HARP. HARP was instituted to help underwater homeowners refinance to current mortgage rates, and benefit from an advantageous LTV ratio. Under HARP, if your original loan did not require mortgage insurance, your new loan will not either, even if its loan-to-value ratio exceeds 80 percent or more.

Just know that if your current loan has mortgage insurance, your new one will have to have the same amount of coverage. Sometimes this can present a problem. Mortgage insurers don’t want to take on this  added risk, so they choose not to write new policies on HARP refinances. You will need to keep your current policy, which means you have to use your current lender. Keep in mind that some lenders do not participate in this program, so if your lender does not you will need to research your options.

There was a bit of a hint from President Obama did mention in the 2012 State of the Union address that a new refinance plan might be in the works. If you do not qualify for the current HARP program, keep your ear out for a revamped program that may benefit even more American citizens.

However, if you qualify now, it is best to take advantage of it, because there is a limited amount of people that can qualify for the program.

HARP 2 has been revised by the Obama administration. It is a new version of the Home Affordable Refinance Program. HARP’s intent was to allow homeowners to refinance loans, especially if they owned more than the home was worth. There is  large population of American homeowners facing this conundrum, because their homes lost value in the bursting of the housing bubble.

Originally, the HARP program was introduced in 2009. It was created to help homeowners with mortgages that were owned by Fannie Mae or Freddie Mac. This original program let borrowers refinance at up to 125 percent of their homes’ current values. Using round numbers as an example, under HARP, if you owed $125,000 on a house that dropped in value to $100,000, you could qualify for a HARP refinance loan, because your loan amount was 125 percent of the home’s value. However, if you owed more than that, you were out of luck.

That 125 percent LTV limit has been eliminated under HARP 2. Under new rules issued in November 2011, there is no loan-to-value limit on HARP refinances for borrowers that have fixed-rate mortgages.

The elimination of the loan-to-value limit is the biggest change under HARP 2. Here is a rundown of HARP 2′s guidelines:

• It is intended for borrowers whose mortgages are backed by Fannie Mae or Freddie Mac, and received their loans before June 2009.
• HARP was originally intended to expire at the end June 2012. The new HARP program is extended to the end of 2013.
• There is no loan-to-value limit anymore for borrowers who have fixed-rate mortgages.
• For borrowers with ARMs, the loan-to-value cap still stands at 105 percent.
• Borrowers can qualify for HARP 2 refinancess if they have not paid late for the last six months and have no more than one 30-day late payment in the last 12 months. Originally, HARP didn’t allow any delinquencies in the last 12 months.
• Fees were reduced. Lenders like to add fees to loans that have added risk. Fannie and Freddie refer to these these fees loan level price adjustments, and the charges can climb to 2 percent of the loan amount on HARP refis. Under the new HARP, fees are reduced to zero percent on loans for 20 years or fewer, and 0.75 percent for mortgages for more than 20 years, and for ARMs.

These changes to HARP took place on December 1st, 2011.

Regulators and analysts expect the new HARP program to result in 1 million more refinancess than would have closed under HARP, with an average loan balance of $150,000 to $175,000.

The basic items you will be evaluated on are as follows:

• Mortgage Payment History – For the past 6 months, you must have been on time with payments, and no more than 30 days late on payments over the previous 12 month period.
• Your loan must be backed by Fannie Mae or Freddie Mac
• Your current mortgage must have been secured prior to June 1, 2009
• Most lenders require a 620 credit score to participate.
• If you have used HARP before, you will not be allowed to use it again.
• If your mortgage insurance is paid by your lender, you are not eligible.

When shopping for your HARP refinance, make sure you provide your specialists with the same information: the value of your property, current loan balance, and your credit score.

If you do decide to go with a new lender, get your application underwritten  before they order an appraisal. There are automated underwriting services that you can get an approval from, before you spend money on getting an appraisal. Getting your application approved electronically is the best option, as if you have it done manually you will need to go with your current lender to get approved for a HARP refinance loan.

You may come across additional issues involving your mortgage insurance (MI). If you have a mortgage insurance policy now, youwill be able to keep it if you are going to refinance with the same lender. A new lender will require a new policy, and if your credit rating has dropped, finding new coverage will be a bit of a pain but not impossible. There are new policies created all the time, so keep an eye out.

Additionally, if your mortgage insurance is paid by your lender, you will not be eligible for a HARP loan.

The HARP program has helped many homeowners in less than ideal loan situations. If you feel like you are at a great disadvantage when you’re loan is for much more than your house is worth these days, there have been movements to help. There are several advantages you can experience if you get approved for this great refinancing opportunity.

A reduction in property value does not reflect badly upon you. If you do not have mortgage insurance (MI) on your existing home loan, you do not need to add it with less than 20% equity. Even with negative home equity you do not need to have MI.

You may incur fewer surcharges! LLPAs are at a 2 point maximum under HARP, or 1.5% with a 15-year mortgage. If you have a low credit score, a condo, or other usual drawbacks, you do not need to overpay to simply refinance. Since there is no cap, you may qualify for additional points on your loan fees.

If you have mortgage insurance (MI) that is not paid by your lender, you will be eligible for HARP. Now with an MI, under a normal refinance situation, you would have to add additional MI coverage even if your equity has decreased. With HARP, you do not have to.

If you are attempting to sell your home, you are not automatically disqualified from refinancing, and there is no credit score requirement. However, many lenders require a score of at least 620 points.

These are among the many advantages of refinancing your home loan under HARP. Consider everything and make sure you get all the required information to make an educated decision about your property!

The newly revised Home Afforable Refinance Program – or HARP – is available to assist those homeowners that are currently underwater into refinancing their loan. Here, we will provide some insight as to how it is going to work, and what the revised program’s intent will be.

It does not help people that cannot currently afford their home. For those, there are other options available.  This program has been in practice for over two years – April 2009 to be exact – with the intent of benefiting 5 million Americans that are underwater on their loans. HARP is intended to assist homeowners who still qualify under normal and current mortgage guidelines.  If the value of their home has decreased dramatically and they now cannot refinance their loan under normal circumstances, they now have the option of refinancing under the Home Affordable Refinance Program.

For example, if you have attempted to refinance a loan that was already underwater under normal circumstances, and were denied, you may be eligible to refinance under the HARP program. The original program did not work as planned, as many people has an LTV of 200% or more, and the original program had it capped at 125% Now, the cap has been removed to allow more homeowners to come out to play and create a better opportunity for their mortgage rate.

This should help all the homeowners that did not qualify the first time around, and will open up the floodgates for more people that are looking for help on an investment they won’t have to worry about any longer by refreshing their rate to current standards.

If your loan was originated before June of 2009, and is through Fannie Mae or Freddie Mac, you can definitely begin to look into HARP as your refinance option.

Since the original goal was to help 5 million underwater homeowners, it was realized that the goals were a bit lofty with how stringent the qualification process was.

The good news is, HARP has been changed to allow more people to qualify for the program, in an effort to reverse damaged done by negative equity refinance and assist owners into traditional loans. Since the change of  the maximum percentage of amount, many more people have a chance at getting into the HARP refinance program. Previously, less than 1 million people qualified for the program, so it was revamped. The Obama administration completely changed the program to fit the needs of a lot of homeowners that needed help. Some of the major changes included:

• No underwater limits
  Regardless of how low borrowers fell, they were now able to refinance. LTV limits were set at 125%, previously. So now, those that lost over 50% of their home value were eligible to apply. Now, loans will not have the be underwritten, which will further streamline the process of HARP approval.
• Fee modification
  Risk-based fees for borrowers who refi into loan terms that are shorter will be eliminated or modified.
• Extended deadline
  They have extended the HARP refinance program deadline to Dec. 31, 2013.

If you are through Fannie Mae of Freddie Mac you are eligible to apply for this program under it’s new guidelines. 10.7 million mortgages are currently underwater, according to national statistics. Many of them can be helped under this program. It is a matter of educating yourself on eligibility and applying.

Truly, your best bet is to talk to a lender apart from your bank that has relationships with multiple HARP outlets, so they can find the right outlet for your case. People are approved on a case by case basis, and some lenders may be more flexible with certain guidelines.

When you talk to a mortgage specialist, there are some restrictions to keep in mind. For one thing, there are no LTV restrictions.

Yes, there really aren’t any. This is great news to the vastly underwater homeowner, or the homeowner that is very close to becoming underwater! You must make sure to meet the additional requirements for the HARP refinance program to be eligible to participate.

Remember, the basic items you will be evaluated on are as follows:

• Mortgage Payment History – For the past 6 months, you must have been on time with payments, and no more than 30 days late on payments over the previous 12 month period.
• Your loan must be backed by Fannie Mae or Freddie Mac
• Your current mortgage must have been secured prior to June 1, 2009
• Most lenders require a 620 credit score to participate.
• If you have used HARP before, you will not be allowed to use it again.
• If your mortgage insurance is paid by your lender, you are not eligible.

Even if your LTV ration is 200% or greater, you can still qualify for Obama’s HARP refinance program!

Be prepared and have all your records ready. Home prices have declined in many areas, and if you want to make sure you are getting the security in your loan, you can even get a quote as to how it will work out in your favor before you proceed! If it is not for you, there are many options for refinancing available.

1. Expand the opportunity to those under Fannie Mae and Freddie Mac to refinance through Refi Plus™. Refi Plus also includes Desktop Underwriter® and manual underwriting eligibility.
2. It will allow unlimited LTV ratios on new loans and additional underwriting flexibilities. This includes loans with LTVs of greater than 105.01% being limited to fully amortizing fixed-rate mortgages with a max of a 30 year term
3. It will provide solutions for borrowers with LTVs above 80% if they are not currently able to refinance due to their mortgage insurance requirements.

Just because you qualify on basic components and qualifications does not mean you will automatically be approved for the program. The program is available to those that are responsible homeowners that wish to keep their home, and people lenders know will be able to continue making payments. There are some additional aspects you must meet in order to qualify and be approved, based upon agreements with lenders in the HARP program.

Make sure you evaluate your situation beforehand to have the best case scenario if you’re wanting approval.

You will be evaluated by a few additional scenarios:

• Mortgage Payment History – Over the past 6 months, you must have been on time with payments, and have been no more than 30 days late over the previous 12 month period.
• Minimum Credit Score – Since this goes through lenders, they require at least a 620 credit score to participate.
• If you have used HARP before, you will not be eligible to use it again.
• Lender Paid MI – If your mortgage insurance is paid by your lender, you are not eligible.

Consider your case carefully before you apply. If you do not meet these basic qualifications, you may want to consider other refinance options that may be available to you.

There are still regulations as to how you can be eligible for the HARP refinance program. The good news is, criteria has changed since so many Americans were denied under the original HARP program. As of August 31st, 2011 only 894,000 borrowers were eligible and taking part in the program.

HARP goals have been reevaluated and changed so that the original goal of 5 million underwater – or near-underwater – homeowners can retain a better opportunity to save. President Obama has announced that HARP has been overhauled and has changed. If you meet the new criteria, you can take advantage of the newly expanded HARP program.

There are two crucial points to being eligible for the HARP refinance program. 1) Your loan must be backed by Fannie Mae or Freddie Mac, and 2) your current mortgage must have been secured prior to June 1, 2009.

If you meet this criteria, and are underwater or near-underwater you may consider your options to see if the HARP Refinance program is the best option for you.

The new program took effect on December 1st, 2011, and includes all homeowners with a LTV ratio of ratio of less than 125%. This also includes – in the first quarter of 2012 -  borrowers with a loan-to-value ratio of greater than 125 percent.

You will not be eligible for the HARP refinance program if you currently have a FHA, VA, USDA or Jumbo loan. There are other options available to you, but unfortunately HARP is not the option.