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Freddie Mac Unveils its HARP Replacement Loan

Tuesday, September 12, 2017

Last year Freddie Mac and Fannie Mae announced that their implementation of the Home Affordable Refinance Program (HARP) would continue through the end of 2018 and that both were developing a new high loan-to-value (LTV) refinance offering to be available once HARP did expire.  Freddie Mac has now provided information on its new high LTV refinancing vehicle that will be effective for mortgages with applications received on or after November 1, 2018.

The new product, branded as the Enhanced Relief Refinance Mortgage, will provide refinance opportunities to borrowers with existing Freddie Mac mortgages but who cannot utilize the Freddie Mac "no cash-out" refinance because the LTV of the new loan would exceed that program's maximum limit.  There is no maximum LTV for a fixed rate Enhanced Relief Mortgage but there is a maximum LTV of 105 percent for an adjustable rate (ARM) version.  Refinancing into an ARM will only be allowed if the existing mortgage is also an ARM.

 

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