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The Scoop on Governmet Refinance Program for Help

 
 
 
 
Lately with the economy the way that it is, lots of people need lots of help to be able to make it month to month. It hasn’t been easy lately.
So as of December 1, 2011 they have made changes to the Housing Affordability Program. And while this has not been wildly successful over the course of the years, the changes are expected to have improved so that more people can be helped.
Nothing tried, nothing gained. So…what is the scoop?
 
- Starting December 1, 2011 authorized lenders may begin the loan application process for borrowers who have Fannie/Freddie mortgages with a current loan to value greater than 125%. HOWEVER those loans cannot be approved until March 2012 at the soonest because the Fannie/Freddie approval software will not be updated until then. So the soonest that one of these loans can work is March 2012 (fyi, it is called a HARP 2.0 loan) the loan with an LTV of more than 125% could actually close is probably April of 2012. (Better late than never, right?)
 
- For Freddie Mac loans, if the first mortgage is less than 80% of the value the home ... more

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