On October 24, 2011 President Obama announced that the Home Affordable Refinance Program (HARP) will be expanded, so homeowners who are underwater can refinance in order to take advantage of today's low mortgage rates.

Currently, the HARP program has loan to value limitations and only allows mortgage refinances up to 125% of value. The proposed changes to HARP eliminate home value requirements and allow borrowers to refinance regardless of their negative equity position.

HARP will be limited to mortgages backed by either Fannie Mae or Freddie Mac. Homeowners must be current on their mortgage and must qualify based on income and credit.

Beginning December 2011, some of the changes will go into effect.

Loan level price adjustments will be reduced, making the cost of the refinance much less.

Beginning Mid March 2012 the remainder of the changes go into effect.

Loan to Value limitations will be removed and the appraisal requirement will be waived.

I am receiving numerous phone calls and anticipate a large volume. Lenders may get backlogged causing a delay in the process. Please contact me at your earliest convenience for preliminary prequalification and to determine your eligibility.

Thank you.