HARP 2.0 is a refinance option for homeowners that are "underwater," meaning they owe more on their home than their home is worth.
In order to be eligible for the HARP 2.0 refinance program, you must meet certain criteria. Firstly, you must not have refinanced through the original HARP program. You need to be current on monthly mortgage payments with no late payments over 30 days due in a minimum of 6 months, and no more than one late payment in the previous 12 months. Your mortgage must be backed by Fannie Mae or Freddie Mac and must have been taken out on or before May 31st, 2009. There are no limitations to your loan to value (LTV%). In most cases, an appraisal is not required.
The purpose of HARP is to allow homeowners who owe a mortgage that is more than the value of their home a more affordable and stable mortgage.