The Federal Housing Finance Agency has announced a series of changes to the Home Affordable Refinance Program (HARP). This is an effort to help some borrowers refinance their underwater home mortgage.
- The existing mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009. Homeowners can determine if they have a Fannie Mae or Freddie Mac loan by going to: http://www.FannieMae.com/loanlookup/ or calling 800-7FANNIE (8 am to 8 pm ET) https://ww3.FreddieMac.com/corporate/or 800-FREDDIE (8 am to 8 pm ET)
- The program will continue to be available for loans with LTVs above 80 percent.
- Borrowers must be current on their mortgage payments with no late payment in the past six months and no more than one late payment in the past 12 months.
- Borrowers should contact their existing lender or any other mortgage lender offering HARP refinances.”
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