Update: October 24, 2011
The Home Affordable Refinance Program, also known as HARP, now HARP 2.0, the Obama relief refi, etc has been updated. The HARP program was designed in April 2009 to help underwater homeowners refinance when their existing loan was currently owned by Fannie Mae or Freddie Mac. The program essentially could help homeowners refinance their existing mortgage at the historically low interest rates without being subject to mortgage insurance or loan ineligibility due to the drop in value of their home.
Although the new program details have yet to become available to the general public for an actual refinance at this time there are some key program details that have been released.
- Current loan-to-value (loan balance divided by property value) restrictions of 125% will be removed. This could potentially allow up to unlimited loan-to-values for underwater homeowners.
- Less restrictions for income and credit. Although, these still play an important part in the overall loan approval and risked-based pricing for your rate.
To find out if your eligible or apply today call one of our loan officers at 503.581.8100 (click here for Bend, Portland, Corvallis or Federal Way) or send us a quick email. If you’re looking for a rate quote you can do that too by clicking here.
