Home Affordable Refinance Program update

Posted on March 1, 2010. Filed under: Industry News | Tags: , |

The Federal Housing Finance Agency announced an extension to the HARP (Home Affordable Refinance Program) which allows underwater homeowners to refinance exisiting mortgages, assuming the loan sits in a pool managed by Fannie Mae or Freddie Mac.  This program was to previously expire this year in June 2010 but was given one more year of life, through June of 2011.  Though not perfect HARP has been a successful program in allowing homeowners that would otherwise not qualify to take advantage of lower interest rates.


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