What about the HARP program?
You may be eligible for HARP if you:
* Own a one- to four-unit home that is your primary residence;
* Have a mortgage owned or guaranteed by Fannie Mae or Freddie Mac
* Are current on your mortgage payments and have not been more than 30 days late making a payment within the past 12 months
* Have a first mortgage not exceeding 125 percent of the current market value of your home;
* Have income sufficient to support the new mortgage payments; and
* Can improve the long-term affordability or stability of your loan with the refinance.
This is what I am looking into as my mortgage is secured by Fannie Mae and I am at least upside down by 10-15% on my mortgage.
I'm locked in a 30 year fixed at 6.375% which was lowest rate back in 2005.
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