November 15th, 2011 the government announced new requirements for the Home Affordable Refinance Program. Here are the most up to date requirements for getting your underwater mortgage refinanced with today’s low refinance mortgage rates. Keep in mind that mortgage lenders like Amerisave may not begin processing applications until 2012. Here’s a list of Frequently Asked Questions from Dan Green at the Mortgage Reports.com regarding the new HARP program:
If you’re underwater on your conforming, conventional mortgage, you may be eligible to refinance without paying down principal and without having to pay mortgage insurance. Here are the details of the government’s new 2011 HARP program.
Remember to be HARP program eligible your mortgage has to be held by Fannie Mae or Freddie Mac prior to May 31st, 2009. Unfortunately Ginnie Mae is not participating in the Home Affordable Refinance Program at this time.
In order to be HARP eligible you must be current on your mortgage and not have any late payments during the last six months. You are allowed only one late payment six months before this timeframe. HARP does not allow for cash-out-refinancing as you must be underwater in your home loan to participate. Once you’re HARP eligible you can choose from any participating lender and don’t have to stay with your existing lender.
You can learn more bout refinancing with today’s lowest refinance rates without paying unnecessary fees by checking out my free Underground Mortgage Videos.