Some New Guidelines for the home affordable refinance program: Eligible mortgages must be owned or guaranteed by Freddie Mac or Fannie Mae. (Obama announced that FHA has been added to the HARP) Loan officers must have sold a borrower’s mortgage to Fannie Mae or Freddie Mac on or before May 31, 2009.
Refinance program requirements Similar to HARP, borrowers must benefit from the refinance in at least one way to qualify for the program, such as: A lower monthly principal and interest payment A lower interest rate
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HomeOwnership.org / Government home affordable refinance program (harp) New HARP program now allows more homeowners to refinance Federal regulators have made key changes to HARP, the Home Affordable Refinance Program designed to help borrowers who owe more on their loans than their house is worth.
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Homeowners with a high loan-to-value or who are underwater and owe more on their mortgage than their home is worth have had a new, non-HARP refinance option since October 2017. Fannie Mae’s High Loan-to-Value Refinance Option and Freddie Mac’s Enhanced Relief Refinance are set to replace the existing Home affordable refinance program (harp .
The HARP refinance program was going to expire on September 30th.. the situation completely untenable under normal mortgage lending standards. HARP. they were extending the HARP 3.0 in 2018, thousands of homeowners with underwater. 30, 2017, with the idea to make a bridge to a new refi program that FHFA.
As the popular HARP program ends, FHFA will roll out a new program that will give more underwater homeowners the chance to refinance.. Loan-to-Value ( LTV) guidelines for both programs. Fannie Mae guidelines say that.
Fortunately, HARP 2.0 enables homeowners to go to any lender to refinance, so the mortgage holder is not stymied if the original bank is unwilling to pursue a HARP refinance. occupancy type. harp 2.0 refinancing is allowed on all occupancy types: primary residence (owner-occupied), second home, or investment (rental) property. However, HARP 2.0 refinancing of investment properties by Fannie Mae and Freddie Mac has higher mortgage rates than for owner-occupied properties. Appraisal waiver
Homeowners get more time for HARP refinancing – Homeowners who owe more on their house than it is worth can review the various requirements to qualify for HARP. Go to www.harp.gov. DETROIT FREE PRESS The new refinance program is aimed at borrowers.