Fannie may harp program

FHFA experts provide reliable data, including all states, about activity in the U. Meet the experts The program was designed to provide these borrowers with an opportunity to refinance by permitting the transfer of existing mortgage insurance to their newly refinanced loan, or by allowing those without mortgage insurance on their previous loan to refinance without obtaining new coverage.

Over the 10 years that HARP was available, approximately 3,, borrowers completed refinances through HARP, which includes many active loans still outstanding. Borrowers who refinanced through HARP have had lower delinquency rates compared to borrowers who were eligible for HARP but who did not refinance through the program.

You can find new reports h ere. If you are having difficulty paying your mortgage on time, your lender also referred to as a mortgage servicer should be your first call for assistance.

Their telephone number and mailing address should be listed on your monthly statement. These loans remove many of the eligibility requirements for a conventional refi.

This loan is for homeowners with high loan-to-value ratios. The FMERR program is open to homeowners with second homes and investment properties as well as owner-occupied homes.

And, you can use it to refinance a home with one, two, three, or four units. Fannie Mae also requires a minimum LTV ratio of You can have a minimum LTV as low as If your loan application can be underwritten electronically as in most cases , you may be eligible for an appraisal waiver.

Otherwise, an appraisal with an interior and exterior inspection is required. If an appraisal is obtained, it must be used for valuation even if a waiver is offered by DU. These programs are available from mortgage lenders nationwide.

But these measures only provide temporary payment relief. However, mortgage lenders are allowed to impose their own credit minimums. Our goal in pursuing these changes is to create refinancing opportunities for these borrowers, while reducing risk for Fannie Mae and Freddie Mac and bringing a measure of stability to housing markets. Fannie Mae and Freddie Mac have helped approximately 9 million families refinance into a lower cost or more sustainable mortgage product, approximately 10 percent of those via HARP.

HARP is unique in that it is the only refinance program that enables borrowers who owe more than their home is worth to take advantage of low interest rates and other refinancing benefits. This program will continue to be available to borrowers with loans sold to the Enterprises on or before May 31, with current loan-to-value LTV ratios above 80 percent.