mortgages: New Home Affordable Refinance Program
- 10/25/11 09:00 AM
Yesterday, Oct 24, 2011, President Obama announced changes to the Making Home Affordable Refinance Program (HARP) so that a person can refinance a first mortgage that is upside-down.
That mortgage must be owned by Fannie Mae or Freddie Mac on or before May 31,2009. The changes announced yesterday also extend the program to the end of 2013, and will allow a refinance of a first mortgage with no cap on the loan-to-value (LTV) ratio. Another important enhancement is the elimination of certain risk-based fees for borrowers who choose a shorter term (see examples below) and lowering fees for … (2 comments)
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