HARP – Home Affordable Refinance Program, recently announced that they will stay in business through June 30, 2012 and Freddie Mac will exempt the re-financings from recently announced price increases, the Federal Housing Finance Agency said in announcing the one-year extension.
Fannie Mae and Freddie Mac will continue to refinance qualifying borrowers who have lost equity in their home without requiring additional mortgage insurance for another year under the Home Affordable Refinance Program, or HARP.
If you think you may qualify for this program, you may want to act soon. Qualifying requires the submission of lots of paperwork and can be a time consuming process.
Too, not all homeowners will qualify, there are several measures that are used to determine eligibility for the program, below is a list provided by the HARP website:
You may be eligible to apply if you meet all of the following:
- You have a mortgage owned or guaranteed by Fannie Mae or Freddie Mac.
- You do not have an FHA, VA or USDA loan.
- You are current on your mortgage payments and have not been more than 30 days late making a payment over the last year.
- You owe more than the home is worth, but your mortgage does not exceed 125 percent of the current market value of your home.
- The refinance will improve the long-term affordability or stability of your mortgage.
- You have the ability to make the new payments.
*Eligibility criteria are for guidance only. Contact your mortgage servicer to see if you qualify for HARP.
Re: Inman News, Monday, March 14, 2011 and http://www.makinghomeaffordable.gov
As always, please feel free to contact Mackenzie with your individual/specific questions regarding your South Lake Tahoe home!