Friday, October 25, 2013

Expanded HARP Refinance Eligibility

Fannie Mae and Freddie Mac have announced expanded eligibility for refinancing under their Making Home Affordable refinance program HARP. The expanded parameters allows for loans “Closed” (note date) prior to May 31st 2009 and currently owned by the agencies to be included in the program. The previous program required that your loan must have been “purchased” by Fannie and Freddie by May 31st 2009. Homeowners that had closed for example in February 2009 may not have yet been sold to the agencies and therefore NOT eligible. If your current loan closed prior to May 31st 2009 and your were previously not able to refinance under this program, you may now be eligible. There are also more options available to allow for higher LTV’s, (in some cases unlimited), transfer of existing PMI insurance, as well as condominiums that were previously not allowed. If you have been previously unable to refinance under this program and think you may now qualify, give me a call so we can check into it. Keith Stewart 773-529-7000