FHFA, Fannie Mae and Freddie Mac Announce HARP Changes to Reach More Borrowers
Federal Housing Finance Agency, with Fannie Mae and Freddie Mac, announced a series of changes to the Home Affordable Refinance Program (HARP) in an effort to attract more eligible borrowers who can benefit from refinancing their home mortgages.
- New York, NY (1888PressRelease) November 19, 2011 - On October 24th the Federal Housing Finance Agency, with Fannie Mae and Freddie Mac, announced a series of changes to the Home Affordable Refinance Program (HARP) in an effort to attract more eligible borrowers who can benefit from refinancing their home mortgages. The program enhancements were developed at FHFA's direction with input from lenders, mortgage brokers, mortgage insurers and other industry participants.
Fannie Mae and Freddie Mac have helped approximately 9 million families refinance their home mortgage into a lower cost or more sustainable mortgage product, approximately 10 percent of those via HARP. HARP is unique in that it is the only refinance program that enables homeowners who owe more than their home is worth to take advantage of low New York mortgage rates and other financing benefits. The program will continue to be available to borrowers with loans sold to Fannie Mae and Freddie Mac on or before May 31, 2009 with current loan to value (LTV) ratios above 80 percent.
The new program enhancements address several other key aspects of HARP including:
- Eliminating certain risk-based fees for borrowers who refinance into shorter - term mortgages and lowering fees for other borrowers:
- Removing the current 125 percent LTV ceiling for fixed-rate mortgages backed by Fannie Mae and Freddie Mac;
- Eliminating the need for a new property appraisal where there is a reliable AVM estimate provided; and
- Extend the end date for HARP until Dec. 31, 2013 for loans originally closed on or before May 31, 2009.
We know that there are many homeowners who are eligible to refinance under HARP however, many that qualify are not aware that the program exist. It is the goal of FHFA to reach these borrowers who owe more on their house than the house is worth so that they may be able to reduce the balance owed faster if they take advantage of today's low interest rates. To find out more about the new HARP program enhancements please contact one of our New York Mortgage Specialists who are dedicated to Home Mortgage Refinancing. Call 518-452-4700 today! It is the goal of First Rate Funding to be a leader in rolling out this expanded program to the Capital Region.
FIRST RATE FUNDING
427 New Karner Road
Albany, NY 12205
(518) 452-4700
www.firstratefunding.net
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