The federal government has introduced a new Home Affordability Refinance Program (HARP) that gives hope to some homeowners who did not previously qualify for the original HARP program. The HARP program that was introduced in March of 2009 would only assist home owners who did not owe more than 125% more than the current value of their house. This limitation has been removed with the new program. Don’t rush out and ask your lender if you qualify for the new HARP program as the FHFA will not release all the new guidelines to the banks until after November 15th. It appears there will still be limitations of how the new program will work since it is expected to only help approximately 1.8 million borrowers. However if you are one of those homeowners it will be worth looking into.
I will submit another blog with the details of the new program once it is posted to the public. If you or any one you know would like assistance with a better understanding of the new guidelines give me a call, (209) 612-7737, and we can review your situation together.
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