The Home Affordable Refinance Program — a government refinancing program for underwater home owners — will be expanded for another two years, the Federal Housing Finance Agency announces. HARP was originally set to expire Dec. 31, 2013, but will now be extended to the end of 2015.
"More than 2 million home owners have refinanced through HARP, proving it a useful tool for reducing risk," says FHFA acting director Edward DeMarco.
Home owners eligible to apply for refinancing under HARP must have a Fannie Mae- or Freddie Mac-backed mortgage that was guaranteed on or before May 31, 2009, must be current on their loan, and must have a current loan-to-value ratio more than 80 percent.
Source: “HARP mortgage refinancing program extended by 2 years,” Chicago Tribune (April 11, 2013)
"More than 2 million home owners have refinanced through HARP, proving it a useful tool for reducing risk," says FHFA acting director Edward DeMarco.
Home owners eligible to apply for refinancing under HARP must have a Fannie Mae- or Freddie Mac-backed mortgage that was guaranteed on or before May 31, 2009, must be current on their loan, and must have a current loan-to-value ratio more than 80 percent.
Source: “HARP mortgage refinancing program extended by 2 years,” Chicago Tribune (April 11, 2013)
1 comment:
It is really a great news that now Home Affordable Refinance Program (HARP) has been extended for 2 more years. This will help quite a large number of people to refinance their mortgage and sort out their mortgage issues. Thus, in the long run, they will be able to save their properties and won’t have to face the issue of foreclosure. Moreover, their credit reports will also remain free of any negative items. In order to take help of the option of HARP, one needs to contact his or her lender and apply for it. It should also be noted here that not all lenders have participated in this program. So, if your lender has participated in this program, then you can get the benefit.
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