The Federal Housing Finance Agency recently announced that it will extend its Home Affordable Refinance Program (HARP) to December 31, 2015. It was set to expire on December 31, 2013. What Is HARP? HARP is part of the federal government’s Making Home Affordable Program. It allows homeowners with Fannie Mae and Freddie Mac mortgages to refinance their underwater home mortgages if they meet certain criteria. Requirements include: • the mortgage must be owned or guaranteed by Fannie Mae or Freddie Mac on or before May 31, 2009 • the homeowner is current on mortgage payments, and • the loan-to-value ratio must be greater than 80%. What Does a HARP Refinance Do? If you qualify for HARP, you may be able to refinance (even if your home has lost value) and get a mortgage with a lower interest rate, a lower monthly payment, a fixed-rate, or a shorter mortgage term. ...
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