HARP Program Extended Another 2 Years
The Home Affordable Refinance Program — a government refinancing program for underwater home owners — will be expanded for another two years, the Federal Housing Finance Agency announces. HARP was originally set to expire Dec. 31, 2013, but will now be extended to the end of 2015.
“More than 2 million home owners have refinanced through HARP, proving it a useful tool for reducing risk,” says FHFA acting director Edward DeMarco.
Home owners eligible to apply for refinancing under HARP must have a Fannie Mae- or Freddie Mac-backed mortgage that was guaranteed on or before May 31, 2009, must be current on their loan, and must have a current loan-to-value ratio more than 80 percent.
Source: “HARP mortgage refinancing program extended by 2 years,” Chicago Tribune (April 11, 2013)