Many of you have requested information and updates on the enhancements of this program. I will begin to post answers to frequently asked questions as well as update you on lender credit requirements. If you would like to have these updates automatically sent to your email, please subscribe below. To begin:
Your loan must be owned or guaranteed by Fannie mae or Freddie mac to qualify for HARP. You can check to see if one if these enterprises owns your loan by visiting www.fanniemae.com/loanlookup or www.freddiemac.com/corporate. If you have questions regarding this process, please call me.
Also, the biggest enhancement to this program is that the 125% loan-to-value ceiling for fixed-rate mortgages backed by Fannie Mae and Freddi Mac has been removed. With this new release, there is no loan-to-value requirement. This has been the biggest hurdle for individuals who have attempted to refinance during the initial roll out of this program in 2009.
I will continue to provide updates on this program during the next several weeks and months. I look forward to continuing to help people through this process to build, preserve and protect their home.