The Federal Housing Finance Agency has extended the Home Affordable Refinance Program (HARP) by two years. 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, 2015. This program was extended last year and was set to expire December 31, 2013.
Washington, DC – The Federal Housing Finance Agency (FHFA) today directed Fannie Mae and Freddie Mac to extend the Home Affordable Refinance Program (HARP) by two years to December 31, 2015. The program was set to expire December 31, 2013.
“More than 2 million homeowners have refinanced through HARP, proving it a useful tool for reducing risk,” said FHFA Acting Director Edward J. DeMarco. “We are extending the program so more underwater borrowers can benefit from lower interest rates.”
Read the full announcement here: http://www.fhfa.gov/webfiles/25112/HARPextensionPRFINAL41113.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.