Making Home Affordable Refinance Program Extended - Denver Colorado Refinance
The Making Home Affordable Refinance Program or HARP for short, has been extended to June 30, 2011. The announcement came as the old deadline 
of June 10, 2010 was quickly approaching.
The Making Home Affordable Refinance Program was designed to help up to 5 million home owners who were underwater on their homes to refinance into a low fixed rate loan. Since the program was initiated, however, only 200,000 families have taken advantage of the program. The extension has likely been granted as home values have not begun to rise in most areas, so families need accessibility to refinance programs.
The program allows refinancing up to 125% of your home's value and is available in every state nationwide. Previously, the Making Home Affordable Refinance Program only allowed up to 105% financing, but the maximum was increased last fall when it was realized that in many areas, home owners were much farther under water than previously thought, so 105% financing wasn't enough.
Your mortgage must be currently serviced by Fannie Mae or Freddie Mac in order to qualify for the program. The Fannie Mae version of the Making Home Affordable Refinance Porgramis called Fannie Mae DU Refi Plus and the Freddie Mac version is called Freddie Mac Open Access. Does Fannie Mae or Freddie Mac own your mortgage? We can help you find out.
Here are a few more highlights of the Making Home Affordable Refinance Program:
- If you have no mortgage insurance now, you won't have it on the new mortgage, even if you exceed 80% of your home value.
- If you currently have mortgage insurance, you must refinance with your current lender in order to qualify.
- Rates are great on this program, but increase with higher loan-to-value ratios and/or lower credit scores.
- You must still fully qualify for the Making Home Affordable Refinance Program, but document waivers are granted in some cases.
- Full appraisal usually is required, but appraisal waivers or "drive by" appraisals sometimes allowed.
- If you have a 2nd mortgage, it can't be rolled into the new mortgage, but it can be "subordinated" which means the 2nd mortgage holder agrees to stay in 2nd lien position.
Call us to find out if you are eligible for the Making Home Affordable Refinance Program! No obligation consultation.
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RJ Baxter First Mortgage Corp
Branch Manager
303-670-0137 (direct)
27902 Meadow Drive, Suite 120
Evergreen, Colorado 80439
