Editor’s Mention: The newest HARP program expired , and a greatest replacement option, the new Freddie Mac computer Enhanced Recovery Refinance (FMERR) loan expired .

Yet not, Fannie Mae’s Highest LTV Re-finance Alternative (HLRO) already doesn’t have expiration time. Similar to HARP and you may FMERR, it’s an excellent loan option for underwater residents who don’t possess sufficient security won in their house in order to qualify for good re-finance.

Brand new Obama re-finance is one of the current strongest gadgets available for your requirements since an under water homeowner. But there is however enough distress within system very let us bring it off rectangular you to.

You will find Heard of this new Obama Re-finance exactly what is-it?

What exactly is often called the brand new Obama refinance otherwise Obama home loan have an official term: the home Affordable Refinance System, or HARP.

(Disclaimer: This is simply not a federal government site or blog post. I try to determine so it authorities-sponsored system. Visit the specialized regulators web site for additional information on this new Obama administration’s re-finance efforts.)

By far the most useful facet of HARP is you can refinance even though you owe more than you reside really worth, or in other words, you are underwater. Very lenders now let your the newest HARP loan amount become around twice what your home is value.

A special useful element regarding HARP is that you could refinance in the event the you have certain collateral, but don’t have enough in order to refinance. Indeed, anyone with that loan-to-worth proportion of 81% or more are able to use the application (meaning the loan equilibrium are 81%+ of your own really worth.)

Exactly how carry out I Qualify for the brand new Obama Re-finance?

• Your loan have to be owned by Fannie mae or Freddie Mac. (To find out if Fannie mae owns the loan, test it. Consider Freddie Mac right here. 続きを読む →