On May 26th, Fannie Mae sent out an announcement informing that the High LTV refinance program will temporarily be halted beginning Thursday, July 1st, 2021.
Background on this refinance program
Back in November 2018, Fannie Mae High LTV and Freddie Mac Enhanced Relief Refinance programs were an alternative to the HARP program (Home Affordable Refinance Program). These programs were designed to help borrowers who were looking to refinance their mortgage but didn’t have enough equity in their home due to a decrease in home value since it was purchased (owing more than the home is worth). To qualify for a High LTV program, a borrower with a Fannie Mae-backed mortgage would need to have less than 3% equity in their home, (or their loan-to-value will need to be over 97%).