Fed Extends Popular Refinance Program For Distressed Homeowners

HARP Program Pushed Out Until The End Of 2015

On April 11, 2013, the Federal Housing Finance Authority (FHFA) directed Fannie Mae and Freddie Mac to extend the Home Affordable Refinance Program (HARP) by two years to end on December 31, 2015. The program was originally set to end at the end of December 2013.

HARP is part of the Making Home Affordable program launched by the Obama Administration in 2009 to help curb the rising tide of home foreclosures that were a result of the great recession that began affecting many homeowners negatively starting in 2008. Making Home Affordable consists of several programs backed by the U.S. government to assist troubled homeowners. HARP is one of a dozen options for distressed homeowners.

Since the program began, over 2 million homeowners have taken advantage of the Home Affordable Refinance Program by refinancing their mortgages under more affordable and stable terms.

Eligibility Requirements for HARP

To be eligible for the Home Affordable Refinance Program, homeowners must qualify under the following:

The loan must be owned or guaranteed by Fannie Mae or Freddie Mac.
The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009
The mortgage cannot have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009.
The current loan-to-value (LTV) ratio must be greater than 80 percent.
The borrower must be current on their mortgage payments with no late payments in the last six months and no more than one late payment in the last 12 months.

What Homeowners Must Do First To Qualify for HARP

If you feel you have met all of the requirements above, you can double check to make sure your loan is owned or guaranteed by Fannie Mae or Freddie Mac by clicking here. Homeowners also should check with their mortgage servicer to insure they are approved by Fannie Mae or Freddie Mac to inquire about HARP. If not, contact us and we’ll help steer you in the right direction.

Finally, before you make your final decision, check rates and points with other qualified HARP lenders to insure you are getting the best deal.

We are certified Foreclosure Specialists

No matter what your situation, if you are upside down on your mortgage or facing foreclosure and don’t know where to turn, Montemayor & Associates is here to help. Our staff is trained to answer all of your questions about foreclosure avoidance and provide you with all of the options available to you…confidentially and at no obligation to you! Give us a call at the numbers listed at the top of this page, or shoot us a message using the contact form below.