There has been quite a buzz on the streets of America since the announcement of the extension and modification of the HARP refinance program from President Obama late October.

Most consumers who may qualify for this program as well as industry professionals such as mortgage lenders and realtors are also anxious to see this program hit the streets to help homeowners.

November 15th 2011 Fannie Mae issued a guide to direct bankers nationwide giving instruction and some basic guidelines to how this refinance program should work, and how they have modified the already existing program. From what we can see this program is very attractive and should help and estimated 5 million home owners nationwide once this program is offered to the public. Although the official release date of this program is set to be on December 1st 2011 which is also the date that lenders are allowed to solicit borrowers who may benefit from this program, there may be a delay due to the fact that most investors are still trying to create product lines based on Fannie Mae’s guidelines.

Here is what we know so far-

The following criteria must be met to qualify for the Home Affordable Refinance Program (HARP):

• You must live in the home being refinanced.
• A HARP refinance only applies to Fannie Mae or Freddie Mac mortgages.
• The homeowner must be able to afford a payment if it exceeds 20% of existing payment.
• The current mortgage must be up to date with no late payments in the past 6 months.
• There is NO Loan to Value requirements

To find out if you will qualify for this program – feel free to contact us.