So- my phone and email are being inundated with people wanting to refinance their homes, under Obamas revised HARP program. HARP- stands for Home Affordable Refinance Program. It allowed Fannie and Freddie loan holders to refinance their mortgages (if obtained prior to June 2009) up to 125% ltv. This program was designed to help the hundreds of thousands of underwater home owners. Realistically, it only helped a fraction of the intended... The program was also slated to end in 2012.
Fastforward: President Obama revamped the program and extended it through 2013. The 125% LTV cap has been lifted. I will be able to lower the interest rate for people who owe more than 125% of the homes value. The new guidelines do not go into effect until Jan 1 2012, but if you need help- and have an interest rate over 4.875% call me to see if I can reduce it for you!
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