Ever heard of HARP? It is the Home Affordable Refinance Program, a government-run program that allows folks with a Fannie-Mae or Freddie-Mac guaranteed loan to refinance at a lower, fixed rate. Instead of refinancing at a max of 105% loan-to-value (LTV), it is now capped at 125%. This means that if you already have this type of loan and want to refinance, you can take advantage of this higher LTV by getting more bang for your buck. (Note: this does not apply to those who want to get a new loan, only to those who already have this type of loan.) This adjustment to HARP will really help some distressed homeowners avoid foreclosure.
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