Nationwide Home Warranty Insurance

Homeowners have new refinance opportunity with HARP program

Many homeowners with "underwater mortgages" can still refinance their loan with a lower cost affordable mortgage thanks to the Home Affordable Refinance Program -- recently revised and extended until Dec. 31, 2013.

Established in 2009 for Fannie Mae and Freddie Mac-owned mortgages, the HARP program provides an option for homeowners to refinance "underwater mortgages." The program addresses situations where the homeowner's property value has fallen below the mortgage balance, causing the owner to no longer qualify under traditional underwriting criteria.

New HARP guidelines were recently announced by Fannie Mae and Freddie Mac. Both of these GSEs (government sponsored enterprises) have posted details of the program modifications and procedural changes on their respective websites for mortgage servicers to follow.

Key provisions of the program include the elimination or raised Loan-To-Value cap, and relaxed representation and warranty stipulations -- changes that officials expect to at least double the number of homeowners with a HARP-refinanced mortgage. Since the program was launched, just under 900,000 borrowers have participated, it was announced.

Negative equity typically excludes a homeowner from refinancing through traditional channels. Removing previous LTV ceilings allows homeowners who are severely underwater, due to plummeting property values, to take out new loans at today's lower interest rates. There are, however, some LTV conditions depending on the loan type.

There are no LTV restrictions for fixed-rate mortgages with terms up to 30 years, including those with terms of 15 years.

For fixed-rate loans with terms between 30 and 40 years, LTV is limited to 105 percent. Likewise, a 105 percent LTV cap has been placed on adjustable-rate mortgages with initial fixed periods of five years or more and terms up to 40 years.

Any borrower with an LTV ratio below 80 percent is not eligible for a HARP refinance. However, both GSEs do offer assistance to these borrowers through their traditional refinance programs. The original mortgage must have been sold to Fannie or Freddie prior to April 1, 2009 to qualify for a HARP refinance.

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