Millions of homeowners have lost their home equity during the housing crisis. The Home Affordable Refinance Program was created to help underwater borrowers secure a refinance solution regardless of their loan to value. Fannie Mae and Freddie Mac collaborated on this unique refinance program that enables borrowers to refinance up to 125% of their home's appraised value. This is a rate and term refinance program and you must have a mortgage that is owned by either Fannie Mae or Freddie Mac. If you meet those qualifications and do not qualify for FHA refinancing, then consider the HARP and reap the benefits of the latest government relief assistance for distressed homeowners..
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