Monday, October 24, 2011

Underwater Mortgage Plan from Obama

Using his "We can't wait" catchphrase, President Obama announced changes to the already existing Home Affordable Refinance Program (HARP) in Las Vegas Monday.  The changes will permit millions of homeowners who are current on their payments and owe more than their homes are worth on federally backed mortgages to refinance at the current, less expensive, interest rates hovering around 4.25%. 

The changes will allow homeowners who are significantly "underwater" on their mortgage to refinance, where before, only homeowners who owed less than 125% of the fair value of their homes could qualify.  Estimates are than one out of five mortgage balances are greater than the current market value of the home.

Additional information on the new enhanced HARP can be seen at the Federal Housing Finance Agency here.

1 comment:

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