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Fannie & Freddie extend HARP Refinance program for underwater homeowners - HARP -Home Affordable Refinance Program
Fannie & Freddie extend HARP Refinance program for underwater homeowners - HARP -Home Affordable Refinance Program for conventional conforming loans.
The regulator for Government run Fannie Mae and Freddie Mac has authorized a 1 year extension on the HARP Refinance initiative until June 2011. This is also called the Home Affordable Refinance Program. This program allows homeowners with loans currently owned by Fannie Mae or Freddie Mac to refinance with expanded qualifications such as reduced appraisal requirements, higher Loan to Values allowable, reduced income documention, etc.
The Fannie Mae program is called Refi Plus or DU Refi Plus. This program allows several benefits to refinance:
> allows you to refinance your mortgage up to 125% of your current value
> allows for reduced income and asset documentation (definitely not stated income however)
> allows for appraisal waivers in some cases, saving you the time and expense of an appraisal
> allows you to take advantage of the low interest rates you may have missed out on!
> these are available up to the conforming loan limits for your county (see below for links)
The Freddie Mac program is called the Freddie Mac Relief program - Open Access. This program allows several benefits to refinance:
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