Home Affordable Mortgage HARP
President Obama Home Affordable Refinance Program (HARP)

Changes to HARP March 2012

HARP rules changing in March 2012.The Home Affordable Refinance Program (HARP) was re-instated to continue on through December 31, 2013.  Along with that re-instatement came some new requirements for the people that could actually take advantage of HARP.  Well one of the major boundaries to the program will be lifted in March 2012.

What’s the major change that is being made to HARP though?  That would be the elimination of the 125% LTV cap.  This is great news for many “underwater” homes-owners out there.  We’ll see countless borrowers become relieved of some major stress in their lives now that they have the option for a refinance.

Now of course this is some great news for people, but this still doesn’t mean everyone is capable of qualifying for a potential refinance under HARP.  There are borrowers with an LTV under 125% and they don’t currently qualify for the program.  Don’t fret though!  Multiple changes are being made in March along with the change to the LTV cap.  So if you don’t currently qualify, hold-off until March when the AUS-engines are updated and check again.

The first thing you should to ensure your Michigan property is eligible for HARP is to check if the loan to your property is owned or guaranteed by either Fannie Mae or Freddie Mac.  There are a couple ways you can verify this information.  First, by checking one of the two following tools for both companies:

Your second option is to actually call 1-800-7FANNIE (Fannie Mae) and 1-800-FREDDIE (Freddie Mac).  As long as you call anytime between 8AM and 8PM ET, you’ll get the information your looking for.

Something else you may want to be conscious of is the potential date the loan was sold to either Fannie Mae or Freddie Mac.  Any loan that had been sold by the investor to either of the companies on or any time after June 1, 2009 is NOT eligible for HARP.

Be sure to take full-advantage of these reduced guidelines as soon as they’re instated.  Who knows, you may actually be eligible for HARP right now!  Be sure to contact a Michigan certified loan-officer officer either by calling 1-800-555-2098.  Or simply fill out the email form below and you’ll receive a response ASAP.

Loan-Officer Email Form

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Please note: If we are unable to complete your prequalification, for any reason, a Riverbank Finance LLC loan officer may follow up with you by phone to offer assistance. We can answer any questions you may have at that time. Submission of this form does not constitute a mortgage application. To apply now or get immediately assistance, call us at 1-800-555-2098.



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