Helpful Refi Info

In order to help educate homeowners about possible HARP refinance options, the Federal Housing Finance Agency (FHFA) has announced a new program that is designed to get owner eligible under HARP better informed about their refinance options. In order to be eligible under HARP, the owner's loan "must be owned by Fannie Mae or Freddie Mac, the mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009, the current loan-to-value ratio must be greater than 80 percent, and the borrower must be current on their mortgage payments with no late payments in the last six months and no more than one late payment in the last 12 months." While to date over 2.8 million homeowners have successfully refi'd under HARP, FHFA says there are still a fair number of owners who are unaware of their options, or who, for a variety of other reasons, have not yet availed themselves of the program. This new program is designed to help such owners take advantage of the program. So, if you and your current loan fit the above parameters, call FHFA for more information and you may be able to save yourself a good deal of money, as well as your home! As always, Good Luck.