Posted By Michael Valdes @ Dec 2nd 2011 1:46pm In: Mortgage

A number of major changes for the Home Affordable Refinance Program (HARP) were announced by the Federal Housing Finance Agency. Fannie Mae and Freddie Mac is finally making a decent effort to help eligible underwater homeowners (who can benefit from refinancing their upside down home mortgage).  After acknowledging that there are many additional home owners who are eligible to refinance under the current HARP guidelines, it now appears they are finally attempting to reach out to more homeowners. Based on the industry’s failed experience over the past two years, major changes will make the program accessible to more borrowers with underwater mortgages.

 Hope for Underwater Homeowners

HARP is unique in that it is the only refinance program that enables borrowers who owe more
than their home is worth to take advantage of low interest rates and other refinancing benefits.
This program will continue to be available to borrowers with loans sold to Fannie Mae and
Freddie Mac on or before May 31, 2009 with current loan-t0-value (LTV) ratios above 80 percent.

A few of the new HARP enhancements include:  


  • Eliminating risk-based fees for borrowers who refinance into shorter-term mortgages and lowering fees for other borrowers;
  • Removing the current 125 percent Loan-To-Value ceiling for fixed-rate mortgages backed by Fannie Mae and Freddie Mac.
  • Eliminating the need for a new property appraisal.  
  • Extending the end date for HARP until Dec. 31, 2013.

For More Info on the HARP program click here

            APPLY for HARP Refinance


The expected amount of borrowers wanting to participate in this program may be overwhelming to lenders already experiencing high volume of refinance loans due to historic low mortgage rates.

Call us at (813) 756-1037or email us today, so we may begin to process your HARP refinance request and be prepared to submit your HARP refinance immediately when the HARP changes are effective.

Remember to tell your friends, family and co workers to call us too!

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