The Home Affordable Refinance Program (HARP) has been a disappointment for many homeowners hoping to take advantage of today’s lowest mortgage refinance rates. The problem with HARP is that it requires a loan-to-value ratio of at least 125%; with many homeowners averaging a LTV 140-150% this help has previously been out of reach. President Obama indicated in his speech that he wanted mortgage refinancing to be available to more homeowners; how this will happen is not yet clear. Here’s an article on TheTruthAboutMortgage.com with more on the President’s speech:
During President Obama’s speech to the nation last week, he mentioned that the White House would be working with the federal housing agencies to help more homeowners refinance their existing mortgages at today’s low rates.
Hopefully the Loan-to-Value requirement under HARP will be lifted. One thing many homeowners with FHA home loans don’t know is that you can streamline refinance regardless of your Loan-to-Value ratio. If you’ve been putting off mortgage refinancing because you’re underwater in your home loan now is the time to lower your payments with under the FHA streamline refinance. When you streamline you only need to be current on your payments; the FHA ignores your LTV ratio completely.
You can learn more about refinancing your home with today’s lowest mortgage refinance rates without paying lender junk fees by checking out my free Underground Mortgage Videos.