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October 26, 2011

FHA enhanced the HARP

The enhancements will make it easier to refinance for many that have mortgage balances that are more than the value of their homes.  Generally a person qualifies if the home loan was guaranteed by Fannie Mae or Freddie Mac, if the home has less than 5 units, mortgage payments have made timely for the prior 6 months , and there has not been a mortgage payment more than 30 days late for the prior 12 months.
This program waives the loan-to-value requirements.  An appraisal will not be needed for many.  The program is expect to be available in December 2011.

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