HARP has been extended for one-year!
The Federal
Housing Finance Agency(FHFA) announced this week a one-year extension of the Home Affordable Refinance Program (HARP), a refinancing program which helps homeowners unable to refinance due to declining property values. The program was set to expire on June 30 of this year. You may qualify for HARP if the following applies to you:
Homeowner:
- Must be current on the home loan.
- Must be an owner-occupied home 1-4 units
- Has reasonable ability to pay the new mortgage payment
Loan:
- Owned or guaranteed by Fannie Mae or Freddie Mac. Fannie Mae and Freddic Mac have established toll-free numbers and web submission process- For Fannie Mae 800-7FANNIE or www.fanniemae.com/loanlookup For Freddie Mac 800-FREDDIE or www.freddiemac.co/mymortgage
- First mortgage cannot be more than 125% of the property's current value
- Refinance must improve affordability or stability of your loan
The Home Affordable Refinance Program (HARP) expands access to refinancing for qualified individuals and families whose hom
es have lost value. HARP has grown over the past year. The numbers show that more homeowners qualified for HARP in 2010 then 2009, when the program began.
Why procrastinate, find out if you're eligible today! Homeowners can visit www.MakingHomeAffordable.gov for more information on the program.
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