FHFA extends HARP to 2015

Dated: 04/23/2013

Views: 1775

FHFA extends HARP to 2015 

The Federal Housing Finance Agency directed Fannie Mae and Freddie Mac to extend the Home Affordable Refinance Program by two years to Dec. 31, 2015. The program was set to expire at the end of this year.

FHFA determined that extending the program will provide borrowers additional opportunities to refinance, give clear guidance to lenders and reduce losses for the government-sponsored enterprises and taxpayers.

To be eligible for a HARP refinance homeowners must meet the following criteria:

1)      The loan must be owned or guaranteed by Fannie Mae or Freddie Mac.

2)      The mortgage must have been sold to Fannie Mae or Freddie Mac on or beforeMay 31, 2009.

3)      The mortgage cannot have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March - May, 2009.

4)      The current loan-to-value (LTV) ratio must be greater than 80 percent.

5)      The borrower must be current on their mortgage payments with no late payments in the last six months and no more than one late payment in the last 12 months.

Borrowers should contact their existing lender or any other mortgage lender offering HARP refinances.

Check here to see if your loan is owned by Fannie Mae or Freddie Mac

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