The new high LTV streamlined refinance offering is more targeted than HARP but as with HARP, eligible borrowers are not subject to a minimum credit score, there is no maximum debt-to-income ratio or maximum LTV, and an appraisal often will not be required.
If you live in or own real estate in Sonoma County and need to refinance, the Harp 2.0 Refinance Program could. holder lender will need to agree to allow a new first to go into first position on.
Hitchcock says that the new streamline refinance is meant to be a "forever program" to help homeowners in all kinds of market cycles. A second difference between the new programs and HARP is that there is no requirement for a particular start date for the loan you are refinancing.
Freddie mac enhanced relief refinance (fmerr) New programs are essentially an extension of HARP but with different names and slightly different requirements. Through new programs, homeowners can get a lower interest rate (which means less out-of-pocket costs each month), get a shorter loan term, or change from an adjustable to fixed-rate mortgage.
The harp refinance program was going to expire on September 30th. The Federal Housing Finance Agency announced recently that it would extend the home affordable refinance program or HARP 3.0 through the end of last year. This is good news for people who are struggling with their mortgage and who owe more on their home than it is worth.
· Today’s HARP 2 program gives underwater homeowners the ability to refinance into a new 30-years, 15-year or even a 10-year mortgage. harp 2.0 guidelines also allow borrowers to refinance from an adjustable-rate loan to a fixed-rate loan.
This week Fannie Mae and Freddie Mac released the new revised guidelines for HARP II. HARP is the Home Affordable Refinance Program that was started in April 2009. Last month the government announced changes to the program and they were issued formally on November 15, 2011. Most of the changes go into effect after December.
The HARP mortgage program was modified over the years and eventually enabled homeowners to refinance up to 125 percent of the value of their homes without primary mortgage insurance.