As you may have heard there is some changes made to the Home Affordable Refinance Program (HARP). HARP is a program designed to refinance homes that were underwater and had higher rates or were on an adjustable program. 

The main reason this program didn’t work is in most cases the max LTV was 103% and in some cases 125%. Well come on, this is Tampa, FL. Face it if you bought anytime in the last 5 years most likely you are upside down way more than that which meant you could not refi and take advantage of lower rates which would entice those that could stay in their homes to do so, which would keep many short sale or foreclosures off the market. Obviously what is trying to be done here is to twepercentak this program to keep people in their Tampa, FL homes.

Here are that basic changes:

  • Removing any max LTV (this is huge).
  • No Appraisals.
  • In the event of default FANNIE and FREDIE will not require a buy back from the lender.
  • Mortgagge insurance companies to remove some of the additional hits to the interest rates.

Now we have yet to see what the lenders will come up with once they roll out the program but in essence we should see the following: Lower fees-Lower rates-Lower requirements= more people in their homes, fewer distressed sales and higher property values.

We can only hope!

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