HARP is getting ready to make fans out of future homebuyers: Regulators have adjusted a mortgage refinance program designed to assist borrowers whose loans exceed the value of their home’s worth. 

The Federal Housing Finance Agency says that the revised version of the Home Affordable Refinance Program (HARP) is anticipated to help around 1.8 million borrowers benefit from today's low mortgage rates.

Under the new version of the program, borrowers will be permitted to refinance their mortgage even if their home has plummeted in value.

Other highlights of the new revised program:

• A new property appraisal will not be required of borrowers if Fannie Mae and Freddie Mac have enough data in their automated valuation system to approximate the value of the home. Not only will this speed up the refinancing process, but it also gets rid of the appraisal fee.
  

• The 125% loan-to-value cap has been removed, so borrowers will no longer be prevented from refinancing if the value of their home spirals.
  

• Select fees related to the risk of the mortgage loan will be lessened. And if a borrower refinances their mortgage into a shorter-term loan (such as a 15 or 20-year mortgage) those fees will be waived.

Another notable change: The program was initially scheduled to expire in June 2012, but will be extended through 2013. The FHFA announced that lenders will receive the final, detailed guidelines by November 15th.