Friday, November 18, 2011

More Updates to the Home Affordable Refinance Program (HARP)

The Federal Housing Finance Agency (FHFA) has updated the Home Affordable Refinance Program (HARP) in an effort to attract more eligible borrowers who can benefit from refinancing their mortgage loans. If your mortgage is owned or guaranteed by either Freddie Mac or Fannie Mae, you may be eligible. You can determine whether your mortgage is owned by either Freddie Mac or Fannie Mae by checking the following websites.



Highlights to the changes are as follows:

·         The HARP program has been extended lenders are now able to originate various associated loans on or before Dec 31, 2013

·         Now no maximum loan to value ratio limits for mortgage loans secured by fixed rates loans with terms up to 30 years.

·         Reduced fees that a lender can charge

·         No add on to interest rate for negative LTV

·         Fannie Mae or Freddie Mac cannot ask lenders to buy back the loans if they go into default

For more details about this program go to:


I am always available to answerer questions and help you get in touch with the appropriate contacts for this program or others

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