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Over 3.4 million homeowners saved by
refinancing with HARP®, now new program FMERR is available
HARP program expired on December 31, 2018. To ensure that high LTV borrowers who are eligible for HARP program continue to have a refinance option the Federal Housing Agency (FHFA) launched a new program: Freddie Mac Enhanced Relief Refinance (FMERR)
This program is essentially an extension of HARP but with different names and slightly different requirements. Through the new program, homeowners can get a lower interest rate (which means less out-of-pocket costs each month), get a shorter loan term, or change from an adjustable to a fixed-rate mortgage. There’s no minimum credit score needed, either.
Next: Verify your eligibility
The Freddie Mac Enhanced Relief Refinance℠ Mortgage provides opportunities to borrowers with existing Freddie Mac mortgages who are making timely payments but are unable to take advantage of the standard Freddie Mac "no cash-out" refinance offering because the new mortgage exceeds maximum loan-to-value (LTV) limits.
Verify your Enhanced Relief Refinance eligibility
If you are current on your mortgage; have a mortgage that is owned by Fannie Mae or Freddie Mac, and owe as much or more than your home is currently worth, you may be eligible for new refinancing programs. Borrowers must benefit from the refinance in at least one of the following ways:
Find Freddie Mac Enhanced Relief Refinance program providers in your state.
$2,974*
per year
By refnancing to a mortgage with a lower interest rate, you could pay less each month and over the life of the loan.
Today’s market rates are more than 30% lower than in 2008
By switching from a 30-year to a 15-year loan, you’ll build equity
If you qualify to refinance your mortgage through Freddie Mac Enhanced Relief Refinance Program, you’ll go through an application, approval and closing process (similar to when you got your original mortgage). A lender will work with you through every step, and will help determine if programs meet your specific needs. Outlined below are the steps to get started.
Verify if you are eligible for Enhanced Relief Refinance program using Verification tool online.
Make sure you have your basic financial and loan information on hand when you call your mortgage company. You’ll need:
Find a list of lenders who work with Enhanced Relief Refinance Program at one of these pages. Tell them you are interested in refinancing, and you want to see if you qualify for.
If your lender determines that you do qualify, they will guide you through the application, approval and closing process.
Find High-LTV refinance lenders in your state.
Use Free online Verification tool to see your eligibility for Enhanced Relief Refinance Program.
