January 19, 2018

Obama Administration’s “Home Affordable Refinance Program” EXTENDED!

Home Affordable Refinance Program

The program details announced by the Obama Administration were vague to anyone interested in taking advantage of the opportunity and refinancing. Below are highlights to the actual program from both Fannie Mae and Freddie Mac.Keep in mind the refinance program is for borrowers who have continued to make their housing payment on time, but are unable to refinance to a fixed product.

Remember the guidelines created, may change or depending on the servicer, additional underwriting guidelines can be required.


The Mortgage Reel is looking for Current Real Estate Investors to Educate on the Amazing Savings Opportunities with this program!  If you are one of them, please contact us!

*  Investment homes are included!!

*  You are not required to go directly to your current loan servicer to refinance

*  HARP extended another year to June 2012

*  Appraisal waivers (Not all scenarios)

Fannie Mae:

DU Refi Plus:

·April 4, 2009

·A reduced monthly mortgage payment (principal and interest)

·A stable mortgage product, ex. Moving from a Arm to a fixed rate mortgage.

·MI coverage varies based on current loan scenario

·Maximum (LTV) is 105%, no limitation to CLTV (125% LTV 9/1/09)

·If you have a 2nd mortgage, you will need to resubordinate

·Appraisal waiver may be an opportunity

If you do not qualify for DU Refi Plus, you may still be able to refinance, but you need to contact your current servicer.

Freddie Mac:

·Must be a conventional 15, 20, 30 yr fixed rate

·Must be a conventional 5/1, 7/1, 10/1fully amortized ARM

·Can be a super conforming mortgage

·To reduce the interest rate of the first lien mortgage

·To replace an Arm, interest only period or a balloon mortgage

·Pay no more than $2500 in closing costs, financing and prepaids/escrows (funds extended to cover closing costs may not exceed $2500)

·April 1, 2009

Once again for all loans, they must be delivered and underwritten by the owner. If Fannie Mae or Freddie Mac you must follow the guidelines for each.To verify if your loan is backed by either, you can contact your servicer directly or you can by checking online. Enter the information exactly how it appears on your monthly statement.

Freddie Mac and Fannie Mae have adopted changes to the Home Affordable Refinance Program (HARP) and you may be eligible to refinance your mortgage under the enhanced and expanded provisions of HARP. You can determine whether your mortgage is owned by either Freddie Mac or Fannie Mae by checking the following websites:



For a complete copy of the guidelines:

Fannie Mae

Freddie Mac


For additional questions please email info@themortgagereel.com or post a question below for a fast response as well.Many home owners will benefit so please forward this information if you found this valuable.



The Mortgage Reel



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  1. Sally Cummins says:

    This is great information! I was looking for the next steps that I had to make and the loan officers at the banks are not much help.

    Thank you

  2. I’ve known Steve for almost 10 years since the good old college days and I never thought Steve would help me on my very first mortgage. I shopped around for months just like everyone else looking for the lowest rates and closing costs with banks and brokers since there are plenty of choices! Even though I trust Steve, as a rate shopper, it took me weeks to find out that he was offering the best advice and service to me after meeting with 7 different mortgage advisors. In the end, I chose Steve because of his market knowledge, transparency in his services and fees, and his tailored advice that was both realistic and suitable for me. I say to anyone who likes to shop around, talk to Steve first, seriously!

  3. Ken Roth says:

    I used your e-mail feature to ask a question last night about the Home Affordable Refinance Program. I was pleasantly surprised when I received a call this morning from one of your staff, Steven Fujita. He spent 20 minutes answering all of my questions, despite the fact that I don’t live in Washington state and was not eligible to use your services.

    Thank you for offering this service to American homeowners at a time when good information is desperately needed.

  4. My service provider is Wells Fargo (Freddie Mac), I owe $301,000 on mortgage, buy my house value is only $204,900, am I still eligible for Home Affordable Refinance?

    • sfujita says:

      Hi Yan,

      Unfortunately your current balance is exceeding the 105% loan limit for qualification. Your best option would be to look into a loan modification. Based on your current financial position and loan product with Wells Fargo, options might be available.


  5. Interesting Article. Thanks for the read!

  6. sfujita says:

    The loan to value increase has been changed from 105% to 125%. As far as the timeframe to start this change in loan to value, that is questionnable. Right now the secondary market has to declare pricing changes if any will be made.

    You will see this change advertised and posted as Obama approved the change but again be patient as it will be sometime for the banks to make needed adjustments.

  7. I’m eligible for Home Affordable Refinance but my bank tells me the program is on hold. Is that true.??? If not… who can i go talk to…. Help…

  8. Hi LU,

    The program is currently not on hold, I just closed one this week for a client. Just to clarify, are you looking at the Refinance option or Loan Mod?

    Have you checked to see if Fannie Mae or Freddie Mac guarantee your loan?

    The Mortgage Reel

  9. Hi, I can not find anyone to reduce my rate under the HARP program. I am eligible according to Freddie Mac. I spoke with someone there and all the advice they had was call banks on the list. THEY couldn’t even tell me what banks are participating. I have called sooooo many banks and none are participating in the open access. Does anyone know of a bank that IS participating in HARP for people who’s loans originated at other institutions? Unfortunately, My loan was owned by tayor bean and whitaker so I’m having an extra hard time!

    • Hi Laura,

      Great question and please do not feel frusrated, you are not alone. With Home Affordable Refinance Program and being Freddie eligible, you were to go directly back to your current servicer for assistance. With TB&W shutting down, that would leave you with no options. BUT now Freddie has expanded your options so you can deal with other banks. This is a current change (30 days), so please ask us questions, we are here to assist and guide you in the correct direction!


      • Since Cenlar (the bank sub-servicer that now has many of TB&W’s mortgages) is a sub-servicer, they cannot do HARP refinances. Do you know of a servicer that will help with a the HARP program for us. Names? Numbers?

        • Cara,

          At this time, unfortunately I have not heard of a lender who will assist with TB&W refinances. If I receive any updated information, I will make sure I provide it as soon as humanly possible.


  10. I went to my bank and ask about the Home affordable program…I’m eligible for it but because PMI they can’t Refinance me…What can i do….

    • Hi LU,

      A loan with PMI unfortunately does not have options under HARP. Are you upside down? Or is there opportunities to refinance under a Gov’t program?

      The Mortgage Reel

      • what other gov programs would be a match for a refi with PMI at 100% LTV?

        • Unfortunately at this time there are no programs available. Main reason is the PMI companies are not insuring loans with high loan to value. It still seems their pattern is to continue to tighten guidelines before they begin to loosen.

  11. Sadly no banks are taking part in the open access refi at 125%. I to am a former TBW customer now my servicer is Cenlar, they are unable to refinance. I am so frustrated, where are the lawyers. Why are we former TBW customers being discriminated against, people with loans at other banks can refi but we don’t have the same options? I am tired of hearing nothing but BS. I want to refinance and fit into the program but cannot. In three years vote this inexperienced loser out he has delivered nothing but false hope and broken promises…what a disappointment

    • Hi Glenn,

      Have you checked to see if your loan is guaranteed by either Fannie or Freddie?

      Freddie: https://ww3.freddiemac.com/corporate/
      Fannie: http://loanlookup.fanniemae.com/loanlookup/

      If so, depending on the current structure of your loan, you might have more options. Unfortunately I have not heard of Cenlar.

      Please contact us directly for more specific details!


      • sfujita

        Yes, my loan is guaranteed by freddie, however by banks was closed(TBW) and my loan given to Cenlar. No banks are offering the open access @ 125%. Do you know of any


    • I too am a former TB&W and now with CENLAR and cannot locate anyone to help me do Making Home Affordable. I was told by Freddie Mac that since we are now with a servicer only, bank can do our loans with the “Open access” option but no one has heard of this. Bank of America, Chase, and several local banks in Utah have no idea what I am talking about. I am sooooo frustrated. Has anyone been able to refi or mod. a TB & W now with CENLAR loan?

      • Dawn,

        Researching online other blogs had contact #’s posted but overall Cenlar manages the servicing only. That limits options if any.

        If I hear of any changes, I will post updates on this page.


        • I am a frustrated Cenlar customer too who was poised to close on a refi last summer with TBW when they went BK. Any updates on this mess and options for those being serviced by Cenlar?

          • No updates that I know of. I do have a mortgage broker that is willing to do my refi. (he can do it because it qualifies for the “open access” program because my loan is now with a servicer (CENLAR). The problem is that my 2nd is with Bank of America and I have not been able to get the right person on the phone to give me the subordination guidelines. I don’t want to pay the subordination fee and the appraisal fee if Bank of America is not willing to subordinate. Between my 1st and 2nd mortgage I owe about what the comps. in my area are, but I need B of A to tell me if they will subordinate.

      • I’m in the exact same boat. My MHA refinance closing with TB&W occurred on the same day they went under. Cenlar said that they don’t originate loans and can’t offer the MHA refinance. The banks in the MHA Program say that they cannot help because they are not my current mortgage provider. I am extremely frustrated!!!

  12. Do I qualify for Home Affordable Refinance Program if I owe $250,000 on my first mortgage and $35,000 on home equity line and my house is currently worth $500,000? I was unemployed for a year and have just gotten a job that starts in January, 2010.


    • Erin,

      Congrats on the job!!! With your current loan (1st/2nd) mortgage combination and equity, you would have the opportunity to refinance. You would need to wait a full pay cycle (30 days) but you can start the process ahead of time.

      You would have the perfect opportunity!! With interest rate volatility in the future, I recommend starting soon!

      Feel free to contact us directly for further details!

  13. I finally got my Obama/Fannie Mae Refinance completed on Dec 2, 2009.

  14. I contacted The Mortgage Reel group for advice on my Freddie Mac loan. After a horrible experience with Citimortgage (they told me that I could only re-finance through them and quoted me a 3.125% point for a 5% interest rate), I wanted to get honest feedback. Keith communicated with me via email, than asked that I contact him directly for further advice on my Freddie Mac loan. He was so helpful, honest and professional. He also offered to look at any GFE’s I receive. It’s re-assuring to know that there are honest people who are willing to help homeowners. I recommend working with Keith. Thank you for your help!

  15. call Metlife if you need “open access refinancing” if you do not know what open access means do your home work. its only if YOUR current loan carrier does not offer you the HARP program it becomes an “open access” loan. make sure you at least qualify for the HARP before calling, really do your homework before you start anything.

  16. I was turned down by underwriter @ HSBC for a refi because they are only doing 105% not 125%. My loans is fannie mae we owe $392,500 and home appraised for 360,000. They told me to wait for home value to go up to 380,00 and that then we would try again. On website for home affordable refi program it says that their is a deadline for this program june 2010.

    Any advise Sfujita? Also can I apply through other banks who are doing 125%?


  17. Can i refinance my primary home, when i have 5 other mortagaes

  18. I qualify for the Home Affordable Refinance program. Our current servicer is willing to refinance. Does this mean that I don’t have the option of “open access”? If I have the option, where do I find a list of Freddie Mac loan servicers?


    Open access allows you to check with any lender who has financing options with Freddie Mac. As far as a list goes, I would talk with a local broker who might have more options to shop vs. one bank.

    For example, if you are in Washington State, I would be able to provide further loan options and lenders who offer the Freddie product.

    Thanks and please ask more questions directly at info@themortgagereel.com

  19. I am at the verge of refinancing my loans (1st @ 7%/2nd @9.104 % both fixed) totaling $237,815.26. 1 am being offered a new loan of $258,825.00 @ 5% 30yr fixed with the cost of credit at a yearly rate of 6.555%. Finance charge within the 30yr period $306,594.23 and amount financed $235,676.33 giving a total of $542,270.56. Is this a good deal? My 1st and 2nd loans are conventional, but I am trying to refinance through a credit union with FHA loan.

  20. Ryan Serini says:

    This is a smart blog. I mean it. You have so much knowledge about this issue, and so much passion. You also know how to make people rally behind it, obviously from the responses. Youve got a design here thats not too flashy, but makes a statement as big as what youre saying. Great job, indeed.

  21. John Evan Miller says:

    This is exceptional information that brings more clarity to a previously vague topic. It is great to see that the extension is occurring. I am disappointed in the $88 million cut in housing counseling; however, it is good that some things are still being done to help homeowners.

  22. if you refinance with an Freddie Mac Open Access loan (due to decline in housing market), what restrictions are there to refinancing again (with a FM Open Access loan) in another 2-3 months if rates continue to decline?


  1. […] discovered the Mortgage Reel when searching for information on the “Home Affordable Program.” Please click the video below to view Ken’s comments. Thank you […]

  2. […] opportunity it is important to find out who is currently holding your loan.  Please click on Fannie or Freddie to learn […]

  3. […] many home owners who want to refinance and are undervalue. You can check your home loan by clicking here for more information.  You can also contact us and we will gladly offer our […]

  4. […] Home Affordable Refinance Program (HARP) has been available to homeowners but the limitations on the program did not benefit all […]

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