The Home Affordable Refinance Program (HARP) Extended Through 12-31-18

This morning, the Federal Housing Finance Agency (FHFA), Freddie Mac's and Fannie Mae's regulator, announced that HARP (the Home Affordable Refinance Program) has been extended from September 30, 2017 through December 31,2018.

HARP is unique over any other refinance program in the industry.  The borrower can owe more (even much more) on the loan than the property is worth.

FHFA estimates there are still in excess of 143,000 homeowners across the country who can benefit from refinancing through HARP.   

Here is the eligibility criteria:

● Loan must be owned or guaranteed by Freddie Mac or Fannie Mae;

● Loan must have been originated on or before May 31, 2009;

● Current loan-to-value ratio (LTV - outstanding mortgage balance/home value) must be greater than 80 percent. There is no LTV ceiling; 

● Borrower must be current on the mortgage payments at the time of the refinance; and 

● Payment history - borrower is allowed one late payment in the past 12 months, as long as it did not occur in the 6 months prior to the refinance.

Here's how you can determine if your loan is owned by either of the GSEs (Government Sponsored Enterprise):

     Freddie Mac loan lookup

     Fannie Mae loan lookup

If you need additional assistance, please feel free to  call me, Rod Williams 615-850-3453.