Monday, changes were announced to the HARP Program.
Here are the highlights:
- Mortgage loan must be owned/guaranteed and sold to Fannie Mae or Freddie Mac on or before May 31, 2009. Click the links to use the 'loan lookup tool' for each agency. FREDDIE MAC OR FANNIE MAE
- The 125% LTV cap has been removed. Current LTV of loan must be over 80%.
- Homeowner cannot have missed any payments in the past 6 months and only 1 payment within the past 12 months.
- You may not have refinance, previously, under the HARP program.
Changes to HARP are expected to take effect in Novermber, 2011.
Watch the video below from the WASHINGTON POST for more details:
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