We have just heard that with a new cash infusion to Fannie and Freddie of $6.1 billion, AND home values continuing to fall, HARP financing rules have just been changed to allow more home owners the ability to refinance their homes.
If you'll recall, HARP financing applies to those borrowers whose current mortgages are owned by either Fannie or Freddie. The rule, prior to today, was the capability of refinancing your current mortgage up to 105% of the home value. As of today, that has been increased to 125% of the homes value.
If you have a 1st and 2nd mortgage, this refinance will apply to the 1st mortgage only, but your first mortgage can be up to 125% of the appraised value of your home. Many of you were not able to qualify for the HARP program prior to this change due to extreme loss of your home value.
If you think this applies to you, please do not hesitate to call or email me.
Lenders are working frantically to update their guidelines to handle this rule change.
Again, have a great day today.
Shelby
503-819-6545
www.shelbytncmortgage.com
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