What are the big changes to HARP?

Hi,While you do have a high FICO, your LTV may be limiting your options. Your LTV means that the lender would have no collateral to protect their investment/loan in case of foreclosure. When the market was manic, some lenders had special programs but I can't image you being able to better your situation in the current market but strange things may be happening so read the following and let me know if you would like me to investigate it for you...Home Affordable Refinance Program (HARP) EnhancementsThe Federal Housing Finance Agency (FHFA), Fannie Mae, and Freddie Mac have announced enhancements to the Home Affordable Refinance Program (HARP) that are intended to make it easier for lenders to refinance the mortgages of eligible borrowers. Guidelines for Fannie Mae Seller/Servicers, including implementation dates and details, will be available on November 15, 2011. See FHFA's announcement, Phase II Fact Sheet, and Phase II Q&A's on FHFA.gov.FHFA AnnouncementA critical part of Fannie Mae's role in the Making Home AffordableSM Program is the Home Affordable Refinance Program (HARP), available for refinances of existing Fannie Mae loans only. The goal of the refinance effort, as announced by the President, is "to provide access to low-cost refinancing for responsible homeowners suffering from falling home prices." The expectation is that refinancing a Fannie Mae loan will put responsible borrowers in a better position by reducing their monthly principal and interest payments or moving them from a more risky loan structure (such as interest-only or short-term ARM) to a more stable product. Our solutions provide mortgage refinances for current LTVs up to 125 percent, and mortgage insurance flexibilities. Fannie Mae provides two Refi Plus(TM) options to provide Fannie Mae to Fannie Mae refinance solutions to eligible borrowers:Refi Plus for manual underwritingRefi Plus simplifies the process of refinancing loans that are already in a lender's servicing portfolio. This product supports a 125 percent maximum LTV and mortgage insurance flexibilities for LTVs over 80 percent.

While the program does go up to 125%, it is up to the individual lender to decide how high they want go. You may want to talk to a number of diiferent mortgage brokers, and find out which have relationships with lenders who will go that high. Currently, most lenders won't go up to 125%. This may change as the lenders adapt to the new HARP guidelines. I would renew your search in mid-December, after the changes have been adopted by the wholesale lenders.