North Carolina & South Carolina homeowners who have homes with negative equity may be able to use the HARP 2.0 government program to allow them to refinance at lower interest rates.

Charlotte, NC -- (SBWire) -- 11/07/2012 --More people than ever have homes "Underwater"! These are homes with mortgages with balances more than the home is worth. Homeowners in this distress are able to refinance under the HARP 2.0 program. This bodes well for homeowners looking to reduce their interest rates and lower their monthly mortgage payments.

The only problem is that still many North Carolina & South Carolina homeowners don't know the program exists.

North Carolina & South Carolina mortgage originator, Barbara Frye educates his potential clients on the basics of this program on her Online HARP Refinance Information Center.

Frye explains that the Home Affordable Refinance Program (HARP) is a streamline refinance program created to help responsible homeowers who have continued to make their mortgage payments, but may be unable to refinance over recent years due to a decline in their home market value.

In October 2011, Fannie Mae and Freddie Mac along with the Federal Housing Finance Agency (FHFA) announced changes to the Home Affordable Refinance Program to make it easier for lenders to refinance mortgages in North Carolina.

With the changes announced to the HARP eligibility guidelines (now called HARP 2.0), more homeowners than ever can now refinance at lower interest rates.

According to Frye, the relaxed stipulations of the HARP 2.0 program have already resulted in a large amount of loan refinances. Those North Carolina & Soth Carolina homeowners with high LTVs (Loan-to-Value ratios) and less than perfect credit scores have been able to successfully refinance their homes.

You May Be Eligible For A HARP Refinance If:

1) Fannie Mae or Freddie Mac owned or guaranteed your home loan.

2) Your loan was sold to Fannie Mae or Freddie Mac before May 31, 2009.

3) Your mortgage has remained current for the last six months.

4) You owe more than your home is worth, or is there minimal equity in your home.

5) Your mortgage has not already been refinanced through HARP in the past, unless it happens to be a Fannie Mae loan that underwent a HARP refinance between March and May 2009.

6) You have had no more than one late payment over the past 12 months.

7) Your loan is not an FHA, USDA or Jumbo Mortgage.

Call Barbara Frye at 828-855-3625 or visit our HARP Refinance Center and submit our Quick 1 Step Eligibility Form to see if you qualify for this new program.

For Answers to Your HARP Questions: http://harprefinanceanswers.com