OverviewRecent legislation allows homeowners to refinance their mortgage loans even if the outstanding balance of the mortgage is greater than the value of the home. The Administration’s comprehensive plan is known as the Making Home Affordable Program (HARP).
The HARP Refinance Program is:
To be eligible for the Home Affordable Refinance Program, you must be current on your mortgage payments.
This program is recommended for homeowners who:
Freddie Mac borrowers do NOT have to verify their income (stated income)or assets, but Do need a minimum 620 middle credit score to qualify. Fannie Mae borrowers have NO minimum credit score requirement.
New 2012 HARP 2.0 guidelines allow borrowers to refinance regardless of the amount of negative equity without negative pricing adjustments.
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