Welcome!




Expand Your Education with These Courses from
The Psychology of Consultative Selling: Skills for Sales Success: Part Four.
Effective Presentation Skills for Sales Professionals: Skills for Sales Success: Part Five.
Expand your education through NAR's REALTOR® University: A Consumer Advocate Approach to Mortgages: Course 2.
ACE: Purchase Reverse Mortgage Course.
BPOs: The Agent's Role in the Valuation Process.

HARP Mortgage Refinancing Program Extended by Two Years

Have a comment on this article? Share on Facebook!

By Mary Ellen Podmolik

refinance_mortgage_house_puzzle(MCT)—Underwater homeowners with Fannie Mae- and Freddie Mac-backed mortgages will be able to try to refinance their mortgages for another two years.

The Federal Housing Finance Agency announced Thursday that Fannie and Freddie’s Home Affordable Refinance Program, which was set to expire Dec. 31, will be extended until the end of 2015.

“More than 2 million homeowners have refinanced through HARP, proving it a useful tool for reducing risk,” FHFA acting director Edward DeMarco said in a statement.

According to the most recent data, in January alone, 1 in 5 refinancings of Fannie and Freddie-backed loans occurred under HARP. Of the loans refinanced under the program that month, 25 percent had a loan-to-value ratio of greater than 125 percent.

Eligibility for the program, announced in early 2009, remain the same. The mortgage must be owned or guaranteed by Fannie or Freddie on or before May 31, 2009, and the current loan-to-value ratio must be greater than 80 percent.

In addition, borrowers must be current on their mortgage payments, with no late payments in the past six months and they cannot have made more than one late payment in the past 12 months.

To apply for the program, borrowers should contact their existing lender or another lender participating in the program. Consumers do not need to use outside companies that bill themselves as “mortgage experts” or “foreclosure specialists,” the agency said.

©2013 Chicago Tribune
Distributed by MCT Information Services

Want instant access to great articles like this for your blog or newsletter? Check out our 30-day FREE trial of REsource Licensed Real Estate Content Solutions. Need easy stay-in-touch e-Marketing solutions too? Try Pop-a-Note for 99 cents!
Join RISMedia on Twitter and Facebook to connect with us and share your thoughts on this and other topics.




Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

Copyright© 2014 RISMedia, The Leader in Real Estate Information Systems and Real Estate News. All Rights Reserved. This material may not be republished without permission from RISMedia.

Content on this website is copyrighted and may not be redistributed without express written permission from RISMedia. Access to RISMedia archives and thousands of articles like this, as well as consumer real estate videos, are available through RISMedia's REsource Licensed Content Solutions. Offering the industry’s most comprehensive and affordable content packages. Click here to learn more! http://resource.rismedia.com

Our Latest News >>