The Federal Housing Finance Agency has extended the Home Affordable Refinance Program (HARP) for another year. This allows the continued use of Fannie Mae’s DU Refi Plus and Freddie Mac’s Relief Refinance Mortgage (also known as Open Access) through December 31, 2013. This program was extended last year and was set to expire June 30, 2012.
Washington, DC – The Federal Housing Finance Agency, with Fannie Mae and Freddie Mac (the Enterprises), today announced a series of changes to the Home Affordable Refinance Program (HARP) in an effort to attract more eligible borrowers who can benefit from refinancing their home mortgage. The program enhancements were developed at FHFA’s direction with input from lenders, mortgage insurers and other industry participants.
Read the full announcement here: http://www.fhfa.gov/webfiles/22721/HARP_release_102411_Final.pdf
All of these programs are meant to help homeowners with mortgages that are owned by one of these agencies attain a lower interest rate and payment with less stringent guidelines, especially pertaining to the value of your property vs. the loan amount. Although HARP has not been as successful as originally projected, it has helped many home owners across the country.
For additional information see our HARP 2.0 page or to see if you qualify, contact me below or apply online.
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