Recent changes made to the Home Affordable Refinancing Program (HARP) by the O’Bama Administration will allow some, but by no means all, homeowners to refinance to a lower interest rate and save on their monthly payments – even if they would not ordinarily qualify for refinancing from their lender.
Those changes to HARP cut fees for borrowers who want to refinance into short-term loans and pay off their loans faster. The changes also permit borrowers who owe more than 125% of their home’s value – i.e. that are underwater – from accessing the program.
To qualify borrowers must have a mortgage that
- Is now owned or guaranteed by Fannie Mae or Freddie Mac
- Was sold to one of the agencies on or before May 31, 2009
- Is now worth between 80% and 125% of your home’s value
- Has never been refinanced under the HAR program before
Borrowers cannot not have missed any mortgage payments in the past 6 months and no more than one missed payment in the past 12 months.
Here’s How to Get Started:
Step #1: Find out if your mortgage is owned by Fannie Mae or Freddie Mac
Step #2: Contact a HARP-approved lender to discuss your refinance options
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