If anyone is not behind on his mortgage payments but have been unable to get traditional refinancing because the value of his home has declined, he may be eligible to refinance through the home affordable refinance programs (HARP). HARP is designed to help anyone to get a new, more affordable, more stable mortgage.
A serious part of the Fannie Mae's role in Making Home Affordable Program is the Home Affordable Refinance Program (HARP), available for refinances of existing Fannie Mae (and Freddie Mac) loans. The main aim of the refinance effort, as announced by the President, is "to provide access to low-cost refinancing for responsible homeowners suffering from decreasing home prices." HARP loan requires an application and underwriting process, and refinance charge will apply.
Now the question arises - How Can I Get Home Affordable Refinance Program! And where to get home affordable refinance program?, etc. The mortgage owner must be Freddie Mac or Fannie Mae. The mortgage must have been under Freddie Mac or Fannie Mae on or earlier than May 31, 2009.
The mortgage cannot be refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009. The current loan-to-value (LTV) ratio must be greater than 80%. The borrower must be current on the mortgage at the time of the refinance, with a better payment history in the past 12 months.
The Home Affordable Refinance Program (HARP) was created by the Federal Housing Finance Agency in March 2009 to allow those with a loan-to-value ratio exceeding 80% to refinance without also paying for mortgage insurance.
.gif "Apply Now For How Can I Get Home Affordable Refinance Program")
Making home affordable refinance program is possible to only those with an LTV of 105% could qualify. Later that year, the program was extended to include those with an LTV up to 125%. This meant that if someone owed $125,000 on a property that is currently worth $100,000, he would still be able to refinance and lock in a lower interest rate.
The demand is that refinancing will put responsible borrowers in a better position by reducing their monthly principal and interest payments or moving them from a more risky loan structure. For further information please visit LoansStore.Com.
