Government Mortgage Programs

New mortgage programs for 2011 for Underwater Borrowers

The Federal government’s revived mortgage re-financing program may possibly allow more than a million borrowers to take advantage of falling rates of interest, even when the valuation on their houses has plummeted.

What’s HARP? The Obama current administration in 2009 launched HARP to re-finance applicants in whose mortgages were being insured by Fannie and Freddie and who have been present on their payments. The idea was simple: Should you be making your payments on time but didn’t have enough equity to re-finance, you would be able to lower your rate without having to pay down your house loan balance or remove home owner loan insurance policies.