Updated Home Affordable Refinance Program (HARP) by the Federal Housing Finance Agency:
- The mortgage must have been sold to Freddie Mac or Fannie Mae on or before May 31, 2009.
- Removed the 125 percent LTV ceiling for fixed-rate mortgages backed by Fannie Mae and Freddie Mac.
- Eliminated the need for a new property appraisal where there is a reliable automated valuation model (AVM) estimate.
- Borrower must be current on the mortgage at the time of the refinance, with no late payment in the past six months and no more than one late payment in the past 12 months.
- Extends the end date for HARP until December 31, 2013.