On March 1st Fannie Mae is putting the newly enhanced HARP program also known as REFI PLUS into full swing. This will benefit those Homeowners that are underwater to the point of going past 105% loan to value, they will now be able to refinance with No Loan to value cap. This program has been popular but was originally limited to a first mortgage currently owned by Fannie Mae of up to 105% Loan to Value (LTV). The new unlimited cap will allow many upside down mortgages to be refinanced at today’s low interest rates. For example if you owe 300k on your first mortgage and the home is now worth 200k you may be eligible. Here are some of the details of this program.
- Mortgage must be a Fannie Mae owned or guaranteed loan
- No Cap to First Mortgage LTV for All occupancy types
- If there is a second mortgage it cannot be paid off with the new loan
- min 620 credit score
To see if your mortgage is owned by Fannie Mae go to www.fanniemae.com/loanlookup/