If you’re not behind on your mortgage payments, but have been unable to get traditional refinancing because the value of your home has declined, you may be eligible to refinance through the Home Affordable Refinance Program (HARP). Since the launch of (HARP) in 2009, 2.2 million loans have successfully refinanced through the government’s program, with nearly 1.1 million Fannie Mae and Freddie Mac mortgages refinanced through HARP last year.
You may be eligible for HARP if you meet ALL of the following criteria:
Your mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae.
Your mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
Your mortgage cannot have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009
Your current loan-to-value (LTV) ratio must be greater than 80%
You must be current on the mortgage at the time of the refinance, with a good payment history in the past 12 months.
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