This has been all over the news and here is the update on which borrowers may be eligible for the enhanced HARP program.
- The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae.
- The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
- The mortgage cannot have been refinanced under HARP previously unless it is a Fannie Mae Loan that was refinanced under HARP from March-May, 2009.
- The current loan to value ratio must be greater than 80%.
- The borrower must be CURRENT on the mortgage at the time of the refinance, with no late payment in the past six months and no more than one late payment in the past 12 month.
If you don’t know what type of loan that you have you can go to Freddie Mac or Fannie Mae and type in your name or loan number and it will tell you if you have one of these loans. There will be more information to come as this program starts.