On September 23, 2013, The Federal Housing Finance Agency (FHFA) announced a new program for homeowners with mortgages higher than property value to refinance through Home Affordable Refinance Program (HARP).
To qualify for the new HARP refinance program homeowners’ mortgages must be owned by FNMA or Freddie Mac on or before May 31, 2009, presently loan-to-value must be over 80%, the mortgage cannot be late in the past six months, but can have one late payment for the past 12 months, according to Corinne Russell, and Stefanie Johnson of www.fhfa.com
I think, FHFA’s new Home Affordable Refinance Program will help many home owners obtain more affordable mortgages to avoid high interest rate mortgage payments and stay in their properties. For complete more detailed information about the FHFA’s new refinance program for homeowners under HARP please visit CLICK HERE
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