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The Federal Housing Finance Agency (FHFA), through Fannie Mae and Freddie Mac, has extended and enhanced Home Affordable Refinance Program. Through Dec. 31, 2013 the HARP Loan-To-Value (LTV) ceiling for Fixed Rate Mortgages has been removed, and the ceiling for Adjustable Rate Mortgages is 105% LTV.

The two enterprises represented by the FHFA each establish their own qualifying criteria and these details may very from lender to lender but, generally speaking:

~ the mortgage must be owner or guaranteed by Fannie Mae or Freddie Mac. Borrowers can check this out by visiting http://www.FannieMae.com/loanlookup/   or https://ww3.FreddieMac.com/corporate

~ the mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009

~ the mortgage cannot have been previously refinanced under HARP unless it is a Fannie Mae loan that was refinanced under HARP from March - May 2009

~ the borrower must be current on the mortgage at the time of the refinance, with no late payment in the most recent six months and not more than one within the most recent twelve months

~ the current LTV must be greater than 80%

The above list does not include all the criteria to be met.

Also, in cases where an automated property valuation may sufficiently indicate the value of the subject property, an appraisal may not be required.

If, after determining your mortgage is owned or guaranteed by either Fannie Mae or Freddie Mac, and you are somewhat confidant you meet the other criteria, please scroll to the top of the page and hover your curser over Loan Center and in the drop down menu click Apply Now. Then complete one of the two application forms on the page to which you are navigated.

If you are not confident you meet the other criteria and would like to receive a little guidance from us on the subject, or other real estate financing matters, please feel free to email us at info@viewpointfinancial.com with your questions or describing your situation. Your inquiry and/or application will be held in strict confidence.