{"id":165,"date":"2011-12-29T18:17:33","date_gmt":"2011-12-29T18:17:33","guid":{"rendered":"http:\/\/riverbankfinance.com\/blog\/?p=165"},"modified":"2013-05-07T11:38:44","modified_gmt":"2013-05-07T11:38:44","slug":"home-affordable-refinance-program-updates","status":"publish","type":"post","link":"https:\/\/riverbankfinance.com\/blog\/home-affordable-refinance-program-updates\/","title":{"rendered":"Home Affordable Refinance Program Updates"},"content":{"rendered":"

\"Home<\/a>There has been some exciting news which was recently released by Fannie Mae and Freddie Mac.\u00a0 These two government agencies who help support the housing financial system, have announced that they are loosening some of the guidelines on their popular Home Affordable Refinance Program<\/a> also known as HARP.\u00a0 This ultimately means that it will be easier for you to refinance and while you\u2019re doing it get a better interest rate too.<\/p>\n

One of the original benefits of HARP is that it allows homeowner\u2019s to refinance even if they have lost equity in their home<\/em>.\u00a0 Under the current HARP program which was started in April of 2009, homeowners could refinance their homes even if they owed more on their home then it was worth.\u00a0 They could get financing up to 125% of their appraised value.\u00a0 The prospective borrower would not be able to get out extra money or consolidate debt through this refinance but would be able to get a lower interest rate and payment.\u00a0 The government was effectively helping homeowners lower their overall monthly payments for those who might not normally qualify for the lower rates.\u00a0 To qualify for the HARP program<\/strong> your loan would have to be owned by Fannie Mae<\/a> or Freddie Mac<\/a> (Find out if your home is owned by Fannie Mae or Freddie Mac by clicking the links).\u00a0 Theoretically, this program was meant to help the U.S economy by allowing homeowner\u2019s to refinance and save money on the their monthly payments.<\/p>\n

HARP Program Updates<\/h1>\n

On December 1st<\/sup>, 2011 further enhancements to the HARP program were announced which made it even easier to qualify for this program.\u00a0 Basically, the loan to value limit of 125% (seen above) has been whipped away which means it may no longer matter what your house is worth.\u00a0 If it no longer matters what the value of your home is worth you may not even need an appraisal.\u00a0 The government has estimated that 80% of all homeowners who refinance through this program will not need an appraisal.\u00a0 This \u201cno appraisal\u201d requirement is set to be activated by most Mortgage Lenders by February or March of 2012.<\/p>\n

In addition to the appraisal feature named above the government also announced that the interest rates would also get better for homeowner\u2019s utilizing this program.\u00a0 The old version of the Home Affordable Refinance Program typically had higher interest rates for those borrower\u2019s who had less equity in their homes.\u00a0 This new announcement states that most of the interest rate increases that currently exist will be whipped away.\u00a0 This effectively allows homeowner\u2019s to qualify for the same interest rate as those with lots of equity in their home.<\/p>\n

There are many more benefits which were announced but these two enhancements to the HARP program are the most instrumental to those homeowner\u2019s who have been thinking about refinancing but not sure if they could qualify because their home has lost value.\u00a0 If you feel you could benefit by refinancing but are still unsure please call our toll free number at 800-555-2098.\u00a0 We can help answer questions you might have and check to see if you may be eligible to qualify for this great program.<\/p>\n

Do I qualify for the HARP Program?<\/h2>\n\n
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