HARP extended through 2016

MortgagePorter-HARP2Earlier this week, Director of the FHFA, Mel Watts announced that HARP (the Home Affordable Refinance Program) will be extended for one more year. From his prepared remarks:

“The HARP program allows borrowers, including those who are underwater on their mortgage and who are regularly making their mortgage payments, to refinance their loans to take advantage of historically low interest rates.

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Days are numbered for the Home Affordable Refinance Program (HARP)

MortgagePorter-HARP2The Home Affordable Refinance Program (aka HARP or HARP 2.0) is set to retire at the end of 2015. Homeowners who have a mortgage that was securitized by Fannie Mae or Freddie Mac with a Note date prior to June 1, 2009 may be eligible for a HARP refinance.

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Another extension for HARP…so what

MortgagePorter-HARP2According to Housing Wire, it looks like HARP (aka the Home Affordable Refinance Program) may once again be extended through 2016. The HARP program was created for home owners who have conventional Fannie Mae or Freddie Mac mortgages and who had lost equity in their homes due to the mortgage meltdown, making it impossible to refinance. With HARP, appraisals are often not required and over the past few years, underwriting guidelines have become more relaxed with this program.  So why the “so what”?

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HARP still available

MortgagePorter-HARP2HARP (aka the Home Affordable Refi Program or HARP 2.0) is set to expire at the end of 2015. HARP is a refinance program that was designed to help home owners who have good credit, income and job stability and would qualify for a refi except for the reduced value on their home.

HARP is available to home owners who have a conventional mortgage securitized by Fannie Mae or Freddie Mac (this is different than where you make your mortgage payments to).

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Almost HARP 3.0: Cut-off Dates Adjusted for Home Affordable Refi’s

MortgagePorter-HARP2Fannie Mae and Freddie Mac have announced they will start using the Note date to determine if a mortgage qualifies for a HARP refinance in order to make things more transparent for borrowers. Both Fannie and Freddie are standing firm with the date of May 31, 2009. At least the NOTE date is something a borrower can find instead of using the date Fannie Mae or Freddie Mac securitized the mortgage (which the borrower has no control over).

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Hope for HARP 3.0 and #MyRefi

2013-08-06_0653Today President Obama answered questions submitted by social media savvy Americans which was moderated by Zillow CEO, Spencer Rascoff. It seemed to me the most common questions were concerning HARP 3.0.  HARP 3.0 (Home Affordable Refinance Program) is currently a hypothetical expanded version of HARP 2.0 and would allow for more home owners, including those in Washington state, to refinance their homes at present low rates.

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HARP 3.0 Update

Insider Mortgage Finance recently posted this teaser indicating that President Obama is pushing for the eligibility dates for HARP 3.0 to be expanded.

“The Obama administration has sent a message to the mortgage industry that it wants to expand the Home Affordable Refinance Program by changing the eligibility date for high loan-to-value and underwater borrowers who want to refinance loans financed by the government-sponsored enterprises. According to members of the Mortgage Bankers Association who attended a recent pow-wow at the White House, the administration wants to push the eligibility date for HARP into mid-2010 or so”

I say “teaser” because in order to read the full article, you need to $ubscribe. 

The odds of HARP 3.0 becoming a reality may be better should President Obama’s nomination of Representative Watt to head the FHFA become a reality.

Currently many home owners who had their mortgage securitized by Fannie Mae or Freddie Mac June 1, 2009 or later have not been eligible for a Home Affordable Refinance (HARP).

HARP allows home owners who have lost equity and who would otherwise qualify, to refinance at today’s very low interest rates. 

Having the securitization date expanded (if not removed completely) would be of great relief to many Washington state home owners. 

Stay tuned!

HARP 2.0 extended through 2015

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/