Great News for “Underwater” Homeowners ~ Changes to HARP Program Announced

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President Obama has opened up refinancing opportunities to more Homeowners who owe more than their home is worth (a.k.a. “underwater”) through the Home Affordable Refinance Program (HARP)!

If you are wondering what this means...and if you can benefit...here is some helpful information. The President's proposal is not a new program, but a revision to the current Home Affordable Refinance Program (HARP).

One of the biggest changes under new HARP provisions: Now Homeowners can refinance no matter how “underwater” they are!

Next, an Appraisal is not necessary IF Fannie Mae or Freddie Mac can electronically estimate the value through their valuation models, saving YOU Time & Money!

Keep in mind that these updates to HARP apply only to people whose mortgage is currently secured by Fannie Mae or Freddie Mac...and whose loan was securitized by Fannie Mae or Freddie Mac prior to May 31, 2009. How do I know if my loan is owned or has been guaranteed by Fannie Mae or Freddie Mac? For Fannie Mae:  www.fanniemae.com/loanlookup  For Freddie Mac:  www.freddiemac.com/mymortgage

To read more details, you can visit the FHFA Web site.

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