New Guidelines Coming To HARP

By December 1st, big changes are coming in HARP (Home Affordable Refinance Program) which could actually benefit those it was intended to help.  By easing the refinancing guidelines, potentially millions of homeowners might now be able to refinance their Fannie Mae and Freddie Mac backed mortgages and could save thousands of dollars annually, which the current administration hopes will flow back into the economy.  New guidelines now won’t exclude those who have lost the most of their home’s value.  Previous restrictions prohibited borrowers from participating if their home’s value had fallen to an excess of 25% of their mortgage balance.


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