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I am the author of this blog and also a top-producing Loan Officer and CEO of InstaMortgage Inc, the fastest-growing mortgage company in America. All the advice is based on my experience of helping thousands of homebuyers and homeowners. We are a mortgage company and will help you with all your mortgage needs. Unlike lead generation websites, we do not sell your information to multiple lenders or third-party companies.

shutterstock_13600447-300x213New HARP (Home Affordable Refinance Program), also called Obama Government Refinance Program is expected to be fully launched on March 17, 2012. Even though the program was announced in December, 2011 the lenders have been slow in offering this new and enhanced program to California homeowners with underwater mortgages. One of the reasons was that Fannie Mae hasn’t made changes to it’s internal underwriting system for these loans to be underwritten.

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In a recent announcement however, Fannie Mae mentioned that the necessary changes will be made to their system during the weekend of March 17, 2012. The biggest change is about the maximum Loan to Value Ratio to be allowed. This is what the communication says:

The maximum LTV (Loan to Property Value) ratio is being removed for fixed-rate mortgages with terms up to 30 years.The maximum LTV ratio limits for all occupancy and property types are:

  • No maximum LTV ratio for fixed-rate mortgage loan with terms up to 30 years.
  • A maximum LTV ratio of 105% for fixed-rate mortgage loan with terms greater than 30 years up to 40 years, and for adjustable rate mortgage loan with initial fixed periods greater than or equal to five years and terms up to 40 years.

If your current loan was closed on or before April 2009 and you have made your last 6 payments on time – you may qualify for much lower interest rates with the new HARP – Home Affordable Refinance Program. Call me at 408.615.0655 or email me at [email protected] and I can advise you of the next steps.