HARP 2.0 extended through 2015

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FHFA just issued a news release announcing that the Home Affordable Refinance Program (aka HARP) has been extended through 2015.  This refinance program created for home owners with conventional mortgages who are “under-water” home values was set to expire at the end of this year.

There is no mention of expanding or removing the June 1, 2009 securitization requirement that has excluded many home owners from being able to refinance their homes (aka HARP 3.0 or #MyRefi). 

Here are some of the requirements to be eligible for a HARP 2.0 refinance:

  • Your mortgage must be securitized by Fannie Mae or Freddie Mac. NOTE: this is different than who you make your mortgage payment to (your mortgage servicer). Your may be making your mortgage payment to a big bank and your mortgage is securitized by Fannie or Freddie.
  • The mortgage must have been sold to Fannie Mae or Freddie Mac on or before
    May 31, 2009.
    This is not the same as your closing date and takes place sometimes several weeks after the closing of your loan.
  • 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. It doesn’t matter how “under water” your home’s equity is! Often times, no appraisal is required.
  • 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

This program is available on owner occupied, second homes and investment property and is available to most mortgages with existing mortgage insurance as long as the above criteria is met.

Click here for my complete guide on the Home Affordable Mortgage Program.

I’m happy to help you with a HARP refi or any mortgage for homes located in Washington state, where I’m Licensed.  Click here for a rate quote.

I am required to have the language below if I am soliciting your Home Affordable Refi for your home in Washington…and yes, I would love to help you with your HARP (or any) refinance:

Freddie Mac and Fannie Mae have adopted changes to the Home Affordable Refinance program (HARP) and you may be eligible to take advantages of these changes.  

If your mortgage is owned or guaranteed by either Freddie Mac or Fannie Mae, you may be eligible to refinance your mortgage under the enhanced and expanded provisions of HARP.

You can determine whether your mortgage is owned by either Freddie Mac or Fannie Mae by checking the following websites: www.freddiemac.com/mymortgage or http://www.fanniemae.com/loanlookup/

Comments

  1. Without a change to the June 1, 2009 date this “extension” doesn’t help the people who really need help with underwater loans.

    This is typical government. They come out with a “program”, set arbitrary dates and run to the press looking for publicity to help with the next election. They should just cancel the whole program.

    Thanks for nothing.

  2. What us owners who are up to date with their Mortgage but are underwater and are neither Freddie or fannie?
    What options do we have?

    • Dan, if your mortgage is FHA, VA or USDA, you can do a streamline refi without an appraisal.

      If it’s none of the above and not Fannie or Freddie AND you’re underwater. You can possibly bring “cash in” to bring your loan to value down to where it fits current guidelines.

      If this is not a viable option, you can contact where you make your mortgage payment to and see if they will do a loan modification. If you do a loan mod, be aware that if you’re planning on buying a home in the near future, some lenders may view that the same as having a short sale/pre-foreclosure if it was done for reasons of financial distress.

      I wish I had more options to offer. When and if “HARP 3.0” or Obama’s “#My Refi” becomes available, I’ll post it on my blog.

  3. Carla N says:

    Thanks to the government for nothing. We bought in 2007 and refinanced in 2010 because rates had gone down a bit. Now, it seems we are just stuck paying this high mortgage. This date requirement will be the deciding factor for us ever being able to stay afloat or not. It is so frustrating that they will not remove it. It’s ludicrous. We pay on time…even through layoffs..and the fact that our hands are tied without being able to sell or refi is just not fair.

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