Last week, the Federal Housing Finance Agency (FHFA) announced that it’s extending the Home Affordable Refinance Program (HARP) through December 31, 2018!
This is great news for eligible borrowers. HARP helps homeowners who have little equity in their home, or owe as much or more on their mortgage than their home is actually worth. If you’ve remained current with your mortgage payments and your loan is owned by Fannie Mae or Freddie Mac, you may be eligible to take advantage of this government program before the deadline of December 31, 2018.
You may be eligible to refinance with HARP if:
This program began in 2009 and has helped over 3.4 million homeowners refinance their mortgages. And while it has proved to be successful, a new program is set to launch in October of this year, which will ultimately replace HARP. However, modifications to this new program have caused the FHFA to extend the HARP deadline through the end of 2018. The new program aims to offer new streamlined refinancing for borrowers with high loan-to-value (LTV) ratios.
HARP encourages lenders, like Summit Mortgage Corporation, to refinance home loans of homeowners who don’t have a traditional 20% equity in their homes. Click Here to learn more and find out if you may be eligible for a refinance through HARP and then give me a call to get started on your refinance!
The time is right – act now!
MILES D. RUSTH
President / Senior Mortgage Banker • NMLS 84660