Ar_home_b_search
 

1

The federal refinance program Home Affordable Refinance Program (HARP) designed to help borrowers with high loan to value ratio mortgages has received a one-year extension, now set to expire June 30, 2011.

The program was originally introduced February 2009, and has come to cover loans backed by Freddie Mac and Fannie Mae with loan to value ratios up to 125%. The program was designed to help qualified home owners with underwater loans refinance their deals in order to avoid foreclosure or short sales. According to the Federal Housing Finance Agency (FHFA), about 5 million homes would qualify for refinances under this plan.

Reasons for the extension were that continued instability caused by unemployment and a still unsteady economy warranted an continuation of the program in order to promote a healthier housing market,

 

Click here to subscribe to my blog!

 

Christine Hynes

 
This post has been included in California Real Estate News
Post is included in group: CALIFORNIA DREAMING
Post is included in group: Mortgages
Post is included in group: Responsible Mortgage Lenders
Post is included in group: Women And Their Business Hear The Roar

3 Comments on Federal Refinance Program Gets a One Year Extension

MAR
04
2010
322,711 Points 6 Featured Posts Outside Blog Called Shot Master

Once we can get unemployment under control, everything will start falling into place.
2:19pm • #1
MAR
05
2010
139,269 Points

Thanks for the update, good information that everyone should be aware of.
7:28am • #2

Malcolm - I agree in regards to unemployment as the banks have move from one extreme, i.e. giving money away to everyone to now holding onto it very tightly.

 

Kathy - FHA has help quite a bit for those that are having trouble with the Federal Refinance program, so that has been a positive.
9:25am • #3

What does the graphic say?

Leave a response…

(optional)
What does the graphic say?
 
1111

Christine Hynes - Orange County Senior Loan Consultant

Laguna Beach, CA

More about me…

American Capital Corporation

Address: 303 Broadway, Ste 104-159, Laguna Beach, CA, 92651

Office Phone: (877) 700-2567

Cell Phone: (949) 632-4019

Email Me




Links

Archives

RSS 2.0 Feed for this blog