Dennis Norman
By: Dennis Norman
Effective the 1st of this month The Federal Housing Finance Agency has authorized Fannie Mae and Freddie Mac to expand the Home Affordable Refiance Program (HARP) to homeowners who are current on their mortgage payments from the present maximum loan to value of 105% to 125%.
The program is designed to allow homeowners, even those that are “underwater” on their homes, to refinance their existing mortgages to lower their interest rates, thereby reducing their monthly payments. Previously homeowners that had a high interest rate mortgage, but little equity (or in a lot of cases negative equity) were stuck and could not refinance because of their loan to value. To see if you are eligible for this program go to the “Making Home Affordable Eligibility Site.”
To read more about the Making Home Affordable plan please see this post.
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It would be great, but at this point in 2011, most upside down loans are over 125% LTV making it impossible to refinance, even after having high credit score and meet all other lender requirements. Any other way out? – this is my case.
Very interesting. thank you for sharing! You see, I’m currently working on my blog on similar subject and I might quote this post in it. I hope you don’t mind