Fannie Mae and Freddie Mac have announced new refinance options which are replacing the Home Affordable Refinance Program (HARP). The programs are designed to help more homeowners by enabling them to refinance high loan-to-value mortgage loans at current low interest rates. The changes are now effective and thousands of homeowners will be eligible for these new programs. 

To qualify for these new options, the existing mortgage loan of a borrower must be a conventional conforming loan owned by Freddie Mac or Fannie Mae. The homeowner must also be current on the loan at the time of the refinance and must not have had a 30-day late payment on the mortgage in the past six months or more than one 30-day late payment in the past 12 months.  As well as allowing little or no equity, the programs also offer streamline documentation requirements. 

Want to know if you are eligible for these great new options? We can help you by finding out whether your current loan is an eligible conforming loan as well as reviewing all of the qualification criteria.

If you are interested in this free, no obligation review, we suggest you act quickly because lenders are likely to get inundated as soon as the word gets out.  We look forward to hearing from you.