We offer both the Fannie Mae and Freddie Mac HARP refinance
The Federal Housing Finance Agency (FHFA) and the Department of the Treasury introduced HARP in early 2009 as part of the Obama Administration’s Making Home Affordable program. HARP provides borrowers, who may not otherwise qualify for refinancing because of declining home values or reduced access to mortgage insurance, the ability to refinance their mortgages into a lower interest rate and/or more stable mortgage product. If you are current on your mortgage and have been unable to obtain a traditional refinance because the value of your home has declined, you may be eligible to refinance through HARP. The current program highlights:
- First-lien, conventional mortgage currently owned or securitized by Freddie Mac or Fannie Mae.
- Have a NOTE date on or before May 31, 2009.
- Max loan to value of 125%.
- Private mortgage insurance not required if you did not have it on the original loan being refinanced.
The new program enhancements (HARP 2.0):
- Eliminating certain risk-based fees for borrowers who refinance into shorter-term mortgages and lowering fees for other borrowers;
- Removing the current 125 percent LTV ceiling for fixed-rate mortgages backed by Fannie Mae and Freddie Mac;
- Waiving certain representations and warranties that lenders commit to in making loans owned or guaranteed by Fannie Mae and Freddie Mac;
- Eliminating the need for a new property appraisal where there is a reliable AVM (automated valuation model) estimate provided by the Enterprises; and
- Extending the end date for HARP until December 31, 2015 (which has been extended again to December 31, 2016) for loans originally sold to the Enterprises on or before May 31, 2009.
- Important HARP Disclosure
If your mortgage is owned or guaranteed by either Freddie Mac or Fannie Mae, you may be eligible to refinance your mortgage under the enhanced and expanded provisions of HARP. You can determine whether your mortgage is owned by either Freddie mac or Fannie Mae by checking the following websites:
www.freddiemac.com/mymortgage or https://www.fanniemae.com/loanlookup/.