The Making Home Affordable program or Home Affordable Refinance Program (HARP) as it has become known is a program initiated by the federal government to assist homeowners take advantage of the refinance opportunities currently in the marketplace.

Here is a quick list of the things you need to know.

• You must have a loan that is currently backed by either Fannie Mae or Freddie Mac.  Click HERE to check to see if you have a Fannie Loan or Click HERE to see if you have a Freddie Loan
• This program is for first mortgages only.  You cannot "roll" a second mortgage into the new loan.
  
• If you currently DO NOT HAVE private mortgage insurance (PMI) you can finance up to 125% of the value of your home without having to obtain mortgage insurance.
• If you currently DO HAVE private mortgage insurance (PMI) you can still finance up to 125% of the value of your home, however the mortgage insurance stays on the loan.
• If you have a second mortgage you can still refinance the first.  The second will have to be subordinated to the new first mortgage lender.
• The combined loan to value of both loans is unlimited if the loan to value on the first mortgage is at or below 105% of the value of the property. 
• You cannot have been more than 30 days late on any payment in the last 12 months.
• If you meet the guidelines listed above the rest of process of the HARP refinance is the same as a standard refinance.

For more information please call (404) 729-1404 or send an email