There are real estate investors who have weathered the good times as well as the not-so-good times. And they’ll tell you that there’s always an opportunity to find a good real estate deal regardless of the state of the current market. Sometimesharp 2.0 and investment propety though, without proper evaluation, an investor finds that one of the rental units is worth less than what is owed on the property. This is especially true for purchases made between 2006 and 2009, when home sales were brisk and prices appreciating rapidly.

For some, it was hard to resist such price gains and difficult to sit on the sidelines while profit on sale could be obtained in as little as just a few months as buyers outbid one another to jump on the real estate bandwagon. We all know what happened soon thereafter, the music stopped and the housing crisis began. Yet the experience real estate investor held firm. And even though the property values may still be lower than what is owed, the investor is long term and can weather the storm.

But many investors may not know that the government’s HARP 2.0 program allows investors to refinance their current mortgage, regardless of the value of the property. The Home Affordable Refinance Program, version 2.0, made adjustments that removed the requirement for a property appraisal, occupancy and loan-to-value rules. Prior to HARP 2.0, an investor needed to have at least a 25 percent equity position in order to refinance to a lower rate, regardless of how much money the investor would save.

There are two requirements that do apply however. The first is the loan has to be owned by Fannie Mae or Freddie Mac. If so, then the next asks that the loan be funded prior to June 1, 2009. If both of those criteria are met, investors can refinance their existing interest rate.

Did you buy a duplex in 2007 and have a 30 year fixed rate of 6.50 percent? With the HARP 2.0 loan, you can get that rate closer to 4.75 today.