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WE REFINANCE UNDERWATER MORTGAGE LOANS

UNDERWATER REFINANCE TO REACH MORE FLORIDA UPSIDEDOWN HOMEOWNERS.

FHFA, Fannie Mae and Freddie Mac Announce HARP Changes to Reach More underwater Florida homeowners. The Federal Housing Finance Agency, with Fannie Mae and Freddie Mac (the Enterprises), today announced a series of changes to Florida’s HARP program in an effort to attract more eligible Florida homeowners who can benefit from refinancing their Florida mortgage. The HARP program enhancements were developed at FHFA’s direction with input from lenders, mortgage insurers and other industry participants. “We know that there are many Florida homeowners who are eligible to refinance under HARP and those are the borrowers we want to reach,” said the FHFA Acting Director ““Building on the industry’s experience with HARP over the last two years, we have identified several changes that will make the program accessible to more borrowers with Florida mortgages owned or guaranteed by the Enterprises.  Our goal in pursuing these changes is to create Florida refinancing opportunities for these Florida underwater borrowers, while reducing risk for Fannie Mae and Freddie Mac and bringing a measure of stability to the Florida housing market. ”Fannie Mae and Freddie Mac have helped approximately 9 million Florida families refinance into a lower cost or more sustainable Florida mortgage programs, approximately 10 percent of those via HARP. Florida’s HARP program is unique in that it is the only Florida refinance program that enables underwater Florida homeowners who owe more than their home is worth to take advantage of low interest rates and other refinancing benefits.   This underwater Florida refinancing program will continue to be available to Florida homeowners with loans sold to the Enterprises on or before May 31, 2009 with current loan-t0-value (LTV) ratios above 80 percent. The new program enhancements address several other key aspects of HARP including:

  1. Eliminating certain risk-based fees for Florida homeowners who refinance into shorter-term mortgages and lowering fees for other borrowers;
  2. Removing the current 125 percent LTV ceiling  for fixed-rate mortgages backed by Fannie Mae and Freddie Mac;
  3. Waiving certain representations and warranties that Florida mortgage lenders commit to in making underwater Florida mortgage loans owned or guaranteed by Fannie Mae and Freddie Mac;
  4. Eliminating the need for a new property appraisal where there is a reliable AVM (automated valuation model) estimate provided by the Enterprises;  and
  5. Extending the end date for HARP until Dec. 31, 2013 for loans originally sold to the Enterprises on or before May 31, 2009

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