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HARP 2.0 Refinance Program

Commonly known as “The Obama Refi Plan”

The Home Affordable Refinance program is available to homeowners who have a solid payment history on an existing mortgage owned by Fannie Mae or Freddie Mac.

Normally, these borrowers would be unable to refinance because their homes have lost value, pushing their current loan-to-value ratios above 80%. Under the Home Affordable Refinance program, many of them will now be eligible to refinance their loan to take advantage of today’s lower mortgage rates or to refinance an adjustable-rate mortgage into a more stable mortgage,such as a 30-year fixed rate loan up to 200% of the value of their homes.

GSE lenders and servicers already have much of the borrower’s information on file, so documentation requirements are not likely to be burdensome. In addition, in some cases an appraisal is not necessary.

This flexibility will make the refinance quicker and less costly for both borrowers and lenders. The Home Affordable Refinance program ends in December 2013.