A Win for Borrowers with Little to No Equity - HARP Extended Thru 2018
Set to expire at the end of September, HARP (the Home Affordable Refinance Program), has been extended through December 31, 2018, an additional 15 months.
On August 17, 2017, The Federal Housing Finance Agency (FHFA) announced modifications to the streamlined refinance program for borrowers with high loan-to-value (LTV) ratios.
To ensure that high LTV borrowers who are eligible for HARP continue to have a refinance option, FHFA is also directing the Enterprises to extend HARP through December 31, 2018. HARP continues to be one of the most successful crisis-era programs through which more than 3.4 million homeowners have refinanced their mortgages. More than 143,000 homeowners could still benefit from refinancing through HARP.
HARP was created by the Federal Housing Finance Agency specifically to help homeowners who are current on their mortgage payments, but have little to no equity in their homes, refinance their mortgage - that is, they owe as much or more than their homes are currently worth.
If you got your mortgage loan at a bank, credit union or mortgage company, it may be owned by Fannie Mae or Freddie Mac. If so, you could qualify for HARP refinancing and you could save thousands with a lower rate or other more favorable terms. No minimum credit score is required and closing costs can be bundled into the new loan so you don’t need much cash upfront.