Yesterday, Freddie Mac announced plans to build on the success of the Relief Refinance Program, which includes the Home Affordable Refinance Program (HARP 2.0). Freddie Mac’s plan is to align requirements for mortgages with loan-to-value (LTV) ratios that are equal to or less than 80 percent with those for mortgages with LTV ratios greater than 80 percent.
Freddie Mac is also evaluating the Relief Refinance – Open Access option that enables eligible borrowers with Freddie Mac mortgages to apply for Relief Refinance mortgages, including HARP 2.0, through lenders other than their current servicer.
Details are scheduled to be announced to lenders by mid-September so lenders like Inlanta Mortgage can begin taking applications as soon as possible.
Facts Released By Freddie Mac:
- The pending Relief Refinance Mortgage changes are intended to eliminate operational complexities and streamline the program so lenders can make refinancing more accessible to borrowers with Freddie Mac owned or guaranteed mortgages.
- The HARP 2.0 component of the Relief Refinance program is targeted to borrowers with LTVs above 80 percent.
- The program changes are based on lender feedback on HARP 2.0, the enhanced version of the original HARP program announced by FHFA in November 2011.
Attribute to Paul Mullings, Senior Vice President and Interim Head of Single Family at Freddie Mac.
“Once implemented the changes will give lenders a new measure of certainty and ease when they help borrowers with Freddie Mac owned- or guaranteed- mortgages take advantage of today’s historically low mortgage rates. This will help us build on the success of the HARP 2.0 and Relief Refinance Mortgage programs of helping more than 1.3 million Freddie Mac borrowers. Today’s announcement further underscores Freddie Mac’s vital role in making affordable mortgage financing available to America’s homeowners and future homebuyers.”
Contact a licensed Inlanta Mortgage loan professional for more details about the Home Affordable Refinance Program – a.k.a. HARP 2.0.
Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.
Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016. Inlanta Mortgage is proud to be a recent recipient of a 2012 Top Workplace Award.
Required Disclosures: Freddie Mac and Fannie Mae have adopted changes to the Home Affordable Refinance Program (HARP) and you may be eligible to take advantage of these changes. If your mortgage is owned or guaranteed by either Freddie Mac or Fannie Mae, you may be eligible to refinance your mortgage under the enhanced and expanded provisions of HARP. You can determine whether your mortgage is owned by either Freddie Mac or Fannie Mae by checking the following websites: