HARP 2.0 Refinancing Available for Second Homes in Maine

By: | October 23rd, 2012

Homeowners who have a Fannie Mae or Freddie Mac guaranteed mortgage are eligible to refinance with the HARP 2.0 program, no matter how much they owe on their house or how much their home is worth. The government program was expanded late in 2011 to allow anyone with a Fannie Mae or Freddie Mac guaranteed mortgage to refinance their loan at a lower rate to save hundreds or thousands of dollars on their mortgages. What many people may not know is that second homes also qualify for the program.

With HARP 2.0, owner-occupancy status is not important, so second homes and vacation homes also qualify for a HARP 2.0 refinance, as long as the current mortgages were originally guaranteed by Fannie Mae or Freddie Mac prior to June 1, 2009, and do not require an appraisal. This means that people with vacation homes in Maine can refinance their mortgages regardless of how underwater they are on the property. With no loan-to-value (LTV) restrictions, it has gotten easier than ever to qualify for HARP 2.0 loan. These loans have grown in the past year as more and more homeowners become aware of the program.

There are other limits to the HARP 2.0 program, however. HARP 2.0 loans cannot be greater than the conforming loan limit on the current mortgage, and holders of second mortgages and HELOC loans will need to get approval from lien holders of those loans.

However, this does not mean HARP 2.0 loans can only be received from your current lender. In fact, one of the great benefits of the new HARP 2.0 program is that homeowners can apply for and receive a new loan with any lender they want, offering homeowners the ability to shop around for low rates and closing costs. A good way to find a low cost HARP 2.0 mortgage refinance is to do your research, search online, and find the bank that will approve you at a low rate and for low closing costs. The costs of securing and closing a HARP 2.0 mortgage will vary greatly from bank to bank, as will banks’ willingness to make these types of loans to different applicants with different incomes and credit scores. surveys more than two dozen wholesale and direct lenders’ rate sheets to determine the most accurate mortgage rates available to well qualified consumers at about a 1 point origination fee.


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"I was looking at a 4.375% with Wells Fargo, my local bank, before stumbling upon via a google search. They hooked me up with a longstanding savings and loan bank of which I closed on a 30 year fixed rate of 3.75% with. I'd recommend anybody looking at refinancing or buying a home give free rate a shot."

-Joe Klien, Detroit, MI