The Home Affordable Refinance program (HARP) will be available to 4 to 5 million homeowners who have a solid payment history on an existing mortgage owned by Fannie Mae or Freddie Mac.  Normally, these borrowers would be unable to refinance because their homes have lost value, pushing their current loan-to-value ratios above 80%.  Under the Home Affordable Refinance program, many of them will now be eligible to refinance their loan up to 125% LTV to take advantage of todays lower mortgage rates or to refinance an adjustable-rate mortgage into a more stable mortgage, such as a 30-year fixed rate loan. The Home Affordable Refinance program ends in June 2011.

  • 125% LTV Max (i.e. $350,000 Loan/$280,000 Property Value)

  • FICO Score 640 Minimum (Freddie)/700 Minimum (Fannie)

  • DTI (Debt To Income Ratio 50% Max)

  • Must Be Current On Payments

  • Must not have PMI on current loan (no PMI will be on new loan)

  • Must be owned by Fannie Mae or Freddie Mac (check below)

Freddie Mac Link: https://ww3.freddiemac.com/corporate/

Fannie Mae Link: http://loanlookup.fanniemae.com/loanlookup/

If you qualify, click here to apply: http://www.metrocitylending.com/apply.html


The Home Affordable Refinance Program (HARP)
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