HARP Refi’s are still available…for a few more months!

The Home Affordable Refinance Program (also known as HARP) which helped many home owners refinance their underwater homes into lower rates following the melt-down, is scheduled to end later this summer.

HARP mortgages offer reduced documentation and often do not require an appraisal. The mortgage that is being refinanced must be a “conventional mortgage” owned by Fannie Mae or Freddie Mac (this is not the same as where your payment is made to). The mortgage that is being refinanced must have a Note date of prior to May 31, 2009 (this was changed a few years back when the mortgage had to purchased by Fannie Mae or Freddie Mac prior to May 31, 2009).

So if you have a conventional mortgage that closed prior to May 31, 2009, you may be eligible for a HARP refinance with reduced documentation and probably a waived appraisal…better act fast…

The last date for closing a HARP refinance is September 30, 2017.