The Home Affordable Refinance Program (HARP)!

February 1st, 2012 | HARP

You may be able to refinance your home to today's low rates without an appraisal! Even if you owe MORE than your home is worth!

Freddie Mac & Fannie Mae Have Adopted Changes To The Home Affordable Refinance Program (HARP)!

Which borrowers may be eligible for an enhanced HARP?

• The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae.
   
• The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
   
• The mortgage cannot have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from march -- May, 2009.
   
• The current loan-to-value (LTV) ratio must be greater than 80%.
   
• The borrower must be current on the mortgage at the time of the refinance, with no late payments in the past six months and no more than one late payment in the past twelve months.
   

Fannie Mae is removing the requirement that the borrower (on the new loan) meet the standard waiting period and re-establishment of credit criteria in the Selling Guide following a bankruptcy or foreclosure. The borrower must receive a benefit in the form of either a reduced monthly mortgage payment OR a more stable product, such as move to a fixed-rate mortgage from an ARM.

There are additional revisions to the guidelines which benefit the borrower! You may be able to take advantage of this new program if you have an "underwater" mortgage! Program is anticipated to start March 15, 2012
 
Contact Rich Conley to get started!