Fannie Mae has updated its Selling Guide to reflect the recently announced changes to the Home Affordable Refinance Program (HARP). Most of the revisions were previously disclosed in November, but there’s one nuance that stands out. Fannie Mae has removed the “reasonable ability to repay” clause from the criteria for vetting borrowers for a new HARP loan. Analysts say the subjective ability-to-pay requirement was one of the significant hurdles to HARP refinancing.
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