The HARP (Home Affordable Refinance Program) is being revised and has some very exciting changes that will benefit anywhere between 800,000 to 1 million homeowners.
The new changes that President Obama is implementing allows homeowners who have “underwater mortgages” to refinance no matter what is owed. This revision removes the requirement of having equity, which caused limitations for many homeowners.
In order to be eligible for the new HARP plan, you must have your mortgage owned by either Fannie Mae or Freddie Mac, and it must have been financed prior to June 1, 2009. Keep in mind, who you make your mortgage payments to does not determine if Fannie Mae or Freddie Mac own your mortgage. Contact a mortgage broker to find out if Fannie Mae or Freddie Mac own your mortgage.
1. Purchase loan before June 1, 2009
2. Owned by Fannie Mae or Freddie Mac
3. Must be Current on your mortgage
4. No late payments in the last 6 months
5. No more than 1 late in the past 12 months
Once more information is published about the new HARP program, we will update as soon as possible.