All About HIRO Program Fannie Mae’s HIRO program was created for borrowers who have not benefitted from rising home values in recent years. HIRO is meant to lend a hand to homeowners who have little or no equity to refinance for a lower interest rate and monthly payment. But with the recent housing market rates going up across the country, homeowners now have more equity than ever. The high–LTV refinance option HIRO another name for the High–LTV Refinance Option, is a mortgage relief program rolled out by Fannie Mae . To assist homeowner s whose property values were stagnant or falling, some borrowers lost equity or saw their mortgages go underwater that was the reason why the HIRO program was originally created. When the borrower owes more on their home loan than the property is worth then it is termed as an underwater loan. These types of loans do not qualify for standard refinance programs hence Fannie Mae’s HIRO took care of that problem. N...
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