Bottom line, when you are considering to refinance, you have two options:
- The federal government’s Home Affordable Refinance Program (HARP) or the Conventional Fannie Mae, Freddie Mac loan.
HARP my be an option if:
Good payment history in the last 12 months.
No late payments in the last 6 months and no more than 30-day late payment from 6 to 12 months ago.
Your home is your Primary residence, 2nd home or an investment property.
Your home value has decreased.
That your 1st mortgage exceeds the current market value of the home.
Your loan is owned or guaranteed by Fannie Mae or Freddie Mac.
Fannie Mae Loan Lookup to see if you Qualify
Your loan was closed on or before May 31, 2009.