Changes to the HARP program

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The federal government had made some changes to the Home Affordable Refinance Program (HARP) guidelines.  You may not be able to refinance at today’s lower rates – even if your home value has continued to decline.  The new guidelines are enabling you to refinance with no LTV (Loan to Value) limits, depending on the loan you choose.  So you may be able to improve cash flow, pay off their mortgage faster and have more confidence in homebuying again.   This program is available now for primary, secondary and investment properties (including condos).

HARP was established in 2009 to help homeowners who have demonstrated a good payment history, but who might not otherwise qualify for refinancing because of declining home values.

To qualify, a loan must have been originated before May 31, 2009 and be owned or guaranteed by Fannie Mae or Freddie Mac.    The loan amount can’t exceed the confirming loan limits for the area where your home is located (a lender can explain this).  The loan must be current and you must have established an acceptable payment history (generally no late payments in the last six months and no more than one late payment in the last 12 months).  And the property cannot have been refinanced before under HARP.

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