There are many mortgages that are owned by Fannie Mae and Freddie Mac, that could be refinanced under HARP, as they were so upside own, that no lender would do the refinance. Even though in most cases were not done, lenders used some data to establish their estimate of value. While values have improved, some of the transactions that we couldn’t previously do, are now becoming doable. Below is a basic list of guidelines.
- The loan must be owned or guaranteed by the Fannie Mae or Freddie Mac
- Loans must have been sold to Fannie/Freddie on or before May 31, 2009
- The mortgage can’t be one that was previously refinanced under HARP unless it is a Fannie Mae or Freddie Mac loan that was refinanced under HARP from March to May, 2009
- LTV must be greater than 80 percent
- Borrower must be current on their mortgage payments with no late payments in the last six months and no more than one late payment in the last 12 months
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