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Home Affordable Refinance Programs with no PMI 


If you currently have a Fannie Mae loan (click here to see if you do) or a Freddie Mac loan (click here to see if you do) and you are not currently paying private mortgage insurance (PMI), the HARP programs will allow you to refinance into a new lower rate WITHOUT adding PMI regardless of the ratio of your loan-to-value (LTV). 


For example, let’s say that you purchased or refinanced a property in 2008 and borrowed 80% of the value of the home.  Now that property value has fallen to the point that you now owe 90% of the value of the home.  Prior to the release of the HARP programs, you would have to pay PMI on a new refinance loan since you are borrowing more than 80% of the current value of the home.  With the HARP programs you can refinance into today’s lower rates WITHOUT adding PMI to the loan! 


This initiative is part of President Obama’s stimulus package designed to help homeowners take advantage of today’s lower rates without being penalized by being forced to pay PMI on a new refinance. 


Up until March 17, 2012, the maximum you could owe was 105% of the value of the home.  With the relase of HARP 2.0, the loan to value limitations have been removed and there is no limit to the loan to value ratio! 
 

 

Additionally, the majority of HARP loans are now being done without the need for an appraisal.  This is just one more way this HARP program can save you money! 

 

Click here to visit Fannie Mae's property lookup website to see if your property is eligible for refinance under the DU Refi Plus program.

 

Click here to visit Freddie Mac's property lookup website to see if your property is eligible for refinance under the Open Access Relief program.

 

Click Get Rates to get an online rate and payment quote under either of the HARP programs. 

 

Speak With A Loan Coordinator 

 

Would you prefer to speak with a Loan Coordinator over the telephone?  Please call us directly at   1-800-276-CYOL(2965) and choose option 1.  Or, click here to have one of our experienced representatives contact you directly.