Refinance Your Home Loan Down To Todays Historically Low Rates Even If You Are Upside Down
The HARP (Home Affordable Refinance Program) has been overhauled and it will be a big help to those who are upside down in their homes, but who are current on their mortgage. http://harpprogram.org/ click here to learn more.
Historically, the HARP Program would not allow anyone that had a 125% loan to value or higher to participate. That is to say that if your home was worth $100,000 and you owed $125,000 then you would not have qualified. However, the new guidelines will allow you to qualify no matter how upside down you are. The only requirement, besides being upside down, is that your loan was sold to Fannie or Freddie prior to May 31, 2009, and that you are not deliqunet on your loan.
The FHFA (Federal Housing Finance Agency) says Fannie Mae and Freddie Mac plan to release detaisl about HARP changes by November 15th. It will probably be December 1st before the particpating lenders will actually put the program into effect.
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