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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