Feds extend special refinancing program

 Loan Programs, Residential Mortgage  Comments Off on Feds extend special refinancing program
Sep 202017
 

For more information, please contact me at (512) 261-1542 or steve@LoneStarLending.com.

By G. Steven Bray

The Federal Housing Finance Agency (FHFA) announced that it’s extending the Home Affordable Refinance Program, or HARP, through next year. The program was set to expire at the end of Sep. FHFA estimates more than 143k homeowners still could benefit from the program.

HARP was created to allow homeowners to refinance to lower interest rates regardless of their financial situation as long as they were current on their mortgage payments. Of the myriad rescue programs adopted by the Feds during the depths of the financial crisis, it was one of the safest because a homeowner willing to make a mortgage payment at a higher interest rate is quite likely to continue doing so at a lower rate.

Remember that HARP only applies to mortgages owned by Fannie Mae and Freddie Mac and closed before June 2009. You can determine whether Fannie or Freddie owns your mortgage by visiting their Web sites, links to which are the end of my blog.

Fannie Mae: Click here
Freddie Mac: Click here

HARP refinance program extended again

 Loan Programs, Residential Mortgage  Comments Off on HARP refinance program extended again
May 192015
 

For more information, please contact me at (512) 261-1542 or steve@LoneStarLending.com.

By G. Steven Bray

The Home Affordable Refinance Program or HARP has been a boon for homeowners wanting to refinance. The program targets underwater mortgages, but its reduced documentation requirements and favorable interest rates make it attractive to all homeowners.

The Federal Housing Finance Admin reports the program has helped 3.3 million homeowners refinance their mortgages since its inception in 2009, and it was scheduled to end at the end of this year. However, Mel Watt, Director of the FHFA recently announced a one year extension through 2016. Watt claims an additional 600,000 homeowners still could benefit from a HARP refinance.

Keep in mind the two most important restrictions of the program. To be eligible:

– Your mortgage must be owned by Fannie Mae or Freddie Mac. (Fannie and Freddie have a tool on their Web sites to help you determine that or give me a call for help.)

– And, your mortgage must have closed prior to June 1st, 2009.

If you still haven’t been able to refinance, you may want to give this program one more look. The expanded eligibility requirements might allow you to qualify even if you’ve run off the road a couple times in your financial past.