If the mortgage being refinanced does not have mortgage insurance, then no mortgage insurance coverage is required for the Relief Refinance Mortgage - Open Access. Refer to Guide Chapter 4303.4 for special delivery requirements related to mortgage insurance for Relief Refinance Mortgages - Open Access. Lender Contributions For the HARP 2.0 program, Mortgage insurance is transferable from one servicer to another. This is a big deal and is saving eligible homeowners big money. Each bank or lender sets specific underwriting guidelines for servicing HARP 2.0 loans. Home Affordable Refinance Programs if you already have PMI. If you currently have a Fannie Mae or Freddie Mac loan and your loan currently has private mortgage insurance (PMI) then the HARP 2.0 program can help you. The updated HARP 2.0 guidelines that went into effect March 17, 2012 allow Q27. Are the mortgage insurance guidelines the same under HARP 2.0 as they were under the original HARP 1.0 program? Yes. Nothing has changed as far as when mortgage insurance is required. The individual MI companies did have some maximum loan amount caps under HARP 1.0 that have since been removed. Q28. Explore HARP 2.0 Government Qualification Guidelines, Program Eligibility, Refi Rates & Approved Lenders. lenders require a loan-to-value ratio on a property to be 80% or lower to qualify for refinancing without adding on private mortgage insurance. You can refinance via HARP 2.0 even if your current mortgage has private mortgage insurance. Why does my loan officer tell me I can't refinance with HARP because my current mortgage has PMI? Until any changes are officially made, here is a look at the current HARP 2.0 requirements: Those currently paying for PMI can refinance via HARP 2.0 and should not see an increase in their rates. The Home Affordable Refinance Program ® 2.0 (HARP ® 2.0) is designed to assist homeowners in refinancing their mortgages - Find out if you qualify today!. For more information a