Will upcoming revisions to the original HARP program actually help underwater homeowners? Well, they certainly couldn't hurt - especially here in Northern Virginia.
If the homeowner has a loan guaranteed by Fannie Mae or Freddie Mac, they may now be eligible to refinance without the restricting 125 LTV (Loan to Value) once in place. No requirement for physical appraisals will be required as well. This refi option is only available for homeowners whose loans are either owned or guaranteed by Fannie May or Freddie Mac. Not sure if your home qualifies? Visit either of these websites to look up your address & see if it qualifies:
Keep in mind, the homeowner must be current on their loan with no 30 day late payments during the last six months preceding the application and no more than one late payment in the past 12 months. Also, the loan must have been purchased by Fannie/Freddie prior to May 31, 2009. And, if their loan is guaranteed through United Guaranty they may be denied as this ONE insurer has refused to work with with this program, as of today.
Hope this helps!
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