refi: HARP Plan Working or Not?
- 07/06/09 07:02 AM
The Obama administration brought out it's Home Affordable Refinance Plan which allows homeowners to refinance their Fannie Mae or Freddie Mac loans even if their home has lost value. Initially, the maximum Loan To Value (LTV) was 95% of the appraisal. It then moved up to 105% and the latest increase allows up to 125% of the homes value to be borrowed. One of my clients took advantage of the initial maximum of 95% at an extremely attractive rate. I have asked Fannie Mae how many borrowers have been able to refi utilizing the program, but, they do not make that … (0 comments)
The Obama administration brought out it's Home Affordable Refinance Plan which allows homeowners to refinance their Fannie Mae or Freddie Mac loans even if their home has lost value.
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