Tag Archives: harp

HARP (Home affordable refinance program) extended to Dec 2018

HARP, or the Home Affordable Refinance Program, is a great way to refinance your mortgage and save a ton of money in interest charges.

HARP allows homeowners who have little or no equity in their homes to refinance their mortgages and get lower interest rates. You can even refinance if your mortgage is upside down.

The program was due to expire in September, but it has been extended through December 2018, adding 15 months to this popular initiative.

The 2008 housing crisis left many homeowners owing more on their mortgages than their homes were worth. The rate of foreclosures rose 81 percent in 2008 alone and more than 860,000 homeowners lost their homes.

read more at: http://www.bnd.com/news/business/article169036887.html

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Fannie and Freddie extend refinance program

HARP program will continue through September 2017, FHFA says

Companies will launch a new refinance program in October 2017

Fannie Mae and Freddie Mac are extending one of the most successful federal programs enacted in response to the mortgage crisis into next year, even as the pool of borrowers who could benefit from it continues to shrink.

Borrowers can continue to use the Home Affordable Refinance Program, or HARP, though September next year, the Federal Housing Finance Agency, which regulates the mortgage-finance companies, said Thursday. HARP allows some borrowers to refinance to a lower rate even if the equity they have in their home is less than 20 percent, the typical cutoff for some refinances.

read more at: http://www.bloomberg.com/news/articles/2016-08-25/fannie-mae-freddie-mac-extend-crisis-era-refinance-program

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Beware of Snags in Federal Refinance Program

The most ambitious federal mortgage program to date aimed at millions of underwater homeowners is poised to take off in the coming two weeks, yet some key issues could hinder borrowers’ participation. One of them involves something most owners know nothing about: Who was your mortgage insurer on your underwater loan?

Though it was announced by the Obama administration late last year, the so-called HARP 2.0 — the second version of the Home Affordable Refinance Program — will only hit full stride around the middle of this month, when Fannie Mae and Freddie Mac finish tweaking their automated underwriting systems to accept applications, and lenders and mortgage insurance companies start handling large volumes of requests.

The revisions are crucial for owners who have outstanding mortgage balances in excess of 125 percent of the current resale values of their homes. Under the second version of HARP, there is no upper limit on permissible loan-to-value ratios (LTVs). You can owe twice or even three times the value of your home and still qualify for a refinancing at today’s low interest rates. The earlier version imposed a limit of 125 percent, which cut out millions of the hardest-hit victims of the real estate bust.

Read more: http://www.utsandiego.com/news/2012/mar/04/tp-beware-of-snags-in-federal-refinance-program/

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