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. [Read more…]
HARP Refi’s are still available…for a few more months!
May 16, 2017 by Leave a Comment
HARP extended through 2016
May 12, 2015 by 1 Comment
Earlier 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.
Days are numbered for the Home Affordable Refinance Program (HARP)
March 19, 2015 by Leave a Comment
The 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.
Another extension for HARP…so what
July 12, 2014 by Leave a Comment
According 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”?
HARP still available
June 17, 2014 by 1 Comment
HARP (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).
Almost HARP 3.0: Cut-off Dates Adjusted for Home Affordable Refi’s
October 23, 2013 by 16 Comments
Fannie 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).
Hope for HARP 3.0 and #MyRefi
August 7, 2013 by 2 Comments
Today 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.
HARP 3.0 Update
May 6, 2013 by Leave a Comment
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!
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