Last week, Freddie Mac issued a press release stating they plan on improving the guidelines for Freddie Mac’s HARP 2.0 program – Refi Relief and Open Access (more commonly known as HARP 2.0). Freddie Mac HARP refi’s have proven to be more challenging to successfully process and close than Fannie Mae’s HARP 2.0 refi program.
At Mortgage Master Service Corporation, we are closing both Fannie Mae and Freddie Mac HARP 2.0 refinances. We have fewer lenders who offer Freddie Mac’s program due to their current program guidelines. This announcement from Freddie Mac is a big relief!
From Paul Mullings, Senior Vice President and Interim Head of Single Family at Freddie Mac:
“Once implemented the changes will give lenders a new measure of certainty and ease when they help borrowers with Freddie Mac owned- or guaranteed- mortgages take advantage of today’s historically low mortgage rates. This will help us build on the success of the HARP 2.0 and Relief Refinance Mortgage programs of helping more than 1.3 million Freddie Mac borrowers…”
This means that if you have been previously turned down for a Freddie Mac HARP 2.0 refinance, you may have another shot in a couple months.
Watch for an announcement around mid-September with more details to follow. To stay informed, subscribe to my blog!
UPDATE September 18, 2012: Click here to check out the improvements to HARP 2.0.