Los Alamos National Bank announces its support of the new Home Affordable Refinance Program (HARP) guidelines, which will enable more homeowners who are substantially underwater in their current loan the option of refinancing.
HARP was initially introduced in 2009. The recently announced updates to HARP include provisions that allow homeowners to refinance regardless of how much the value of their home has declined. The program previously was limited to homeowners who owed up to 125 percent of the value of their home. This requirement has been eliminated in an attempt to make the program available to more homeowners, with the ultimate goal of enabling more individuals to keep their homes.
Other HARP changes include a more streamlined refinance process thanks to a new shield that protects bankers from buy back risks on HARP loans; borrowers will no longer need to provide extensive documentation on income or obtain a new appraisal; and mortgage insurers have agreed to simplify the transfer of existing coverage.
Final guidelines are expected to be issued by Fannie Mae and Freddie Mac in mid-November. Los Alamos National Bank will be participating in the HARP program and available to help homeowners determine eligibility for a refinance through the program. For more information on HARP click on the PDFs below or contact us at 505-662-5171.
** NMLS #: 546116