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Home Affordable Refinance Program

Our company is one of the few lenders offering the Home Affordable Refinance Programs to borrowers who have Freddie Mac, Fannie Mae and FHA mortgages. If you are a homeowner who is current on your mortgage payments but unable to refinance to a lower interest rate because your home value has decreased, you may be able to qualify for a Fannie Mae refinance or Freddie Mac loan.

Can I get money back in a HARP refinance to consolidate other debts? No. The HARP mortgage does not allow additional cash to come back to the borrower for the purpose of consolidation or refinancing anything other than the 1st lien on the subject property that is owned by Fannie Mae or Freddie Mac and in some cases the Federal Housing Administration. Find out from HARP lenders what exactly the requirements are with the HARP 2.0.

125 Percent Mortgage Options for HARP Refinancing Upgraded with No Loan to Value Restrictions

Obama made the Home Affordable Program his focus for government relief. Now lenders are told to ignore the homeowners' loan to value when considering a borrower for HARP refinancing. Even if you were turned down recently by a lender for home refinancing, FHAMRL may have a new government solution with the Home Affordable Refinance Program that was designed to refinance all of those borrowers who lost the equity in the recent housing crisis.

Do you have a loan owned or guaranteed by Fannie Mae or Freddie Mac?

The FHA mortgages extend opportunities to people with bad credit who need a fixed rate or improved term from refinancing their home. The FHA rates reached record lows in 2009 but millions of homeowners did not refinance, because they were upside down with their house value less than they owe on their mortgage loan.

With conventional lenders tightening their belts on their lending requirements, subprime loans are pretty much a thing of the past. This leaves a lot of current holders of subprime loans very few options to avoid foreclosure when their rates reset. However, the FHA has stepped up and is currently assisting subprime borrowers by allowing them to refinance to fixed-rate FHA loans that have low rates.

When does the HARP refinance program expire? This Government endorsed program expires on December 31, 2013. You must close escrow on your loan under the Home Affordable Refinance Program before that date. Review the eligibility requirements for a HARP mortgage refinance today.

Is Your First Mortgage Principal Greater than the Present Value of Your Home?

Many lenders announced minimum credit score requirements with FHA. However, the FHA credit guidelines continue to be more forgiving than those of Fannie Mae and Freddie Mac. FHA still allows bad credit mortgage refinancing, but the insurance companies have implemented a risk based rate that could making refinancing difficult.

Now is the time to refinance with a loan approved with the Home Affordable Refinance Program that enables 125 loans for non cash out mortgages less than $417,000. The FHA Secure programs expired and Hope for Homeowners never panned out, but The HARP loans look to help millions of struggling borrowers finally refinance into a fixed rate mortgage they can afford.

Real Solutions for Refinancing Fannie Mae or Freddie Mac Home Loans


Refinance with Home Affordable Refinance Loans

FHA limits in high-cost markets can be insured by the Federal Housing Administration.  Home loans that were purchased by Fannie Mae and Freddie Mac are available for the Home Affordable Refinance Program with 125% mortgage loans up to $417,000.  The maximum loan amounts in 2012 will remain at $625,500.

Even if you aren’t worried about losing your home to foreclosure, you would benefit significantly by reducing the rate with an FHA refinance or Obama loan sponsored by the US government.  Don’t forget with FHA refinancing, there is never a pre-payment penalty. FHA still offers 85 to 95% refinancing with cash out transactions.  FHA Streamline and rate and term refinancing is available to 97% loan to value.

You'll still be able to refinance under the second foreclosure rescue plan, HOPE for Homeowners, but you'd have to share your equity with FHA and the loan limits will be dropping soon, as well.

 
   
       
 

Quick Links: Loan Application : FHA Loan Calculators

FHA Loan Products: Cash Refinance : FHA Refinance : FHA Streamline : Fixed Rate Mortgage : HUD Mortgage News : Obama Mortgage : FHA Refinancing

FHA Mortgage Rates: FHA 30-Year Mortgage : FHA 15-Year Mortgage :

Resources: Making Home Affordable : HARP Mortgage Lenders : Mortgage Refinance for People with Bad Credit

The Home Affordable Refinance is subject to approval from Fannie Mae or Freddie Mac and loan eligibility is crucial for program participation. The FHA Mortgage Refinance Loan Company is not directly affiliated with any government agency. We provide an online marketplace for consumers searching for FHA loans and HUD resources. We are affiliated with HUD approved FHA mortgage lenders. If you would like to contact HUD directly please visit their website online.