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HARP Deadline Given One Year Extension
The Federal Housing Finance Agency stated today that the Home Affordable Refinancing Program (HARP) would be exptened for one more year. The program which is in place to assist homeowners with Fannie Mae or Freddie Mac loans with little or no equity in their homes. The program assists homeowners to refinance into lower interest rate mortgages, even though their homes value may have gone down due to the current economy.
The program began in April of 2009 and has refinanced over 190,180 mortgages to date will now expire in June of 2011. The requirements for participation in the program are as follows:
Must be an owner occupied home
Primary residence of 1 to 4 units
Loan to value ratio of no more than 125%
Homeowner must be current on mortgage payments
Loans must be owned either Freddie Mac or Fannie Mae
Additional information about the program can be found here
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