April 11th, 2013 2:39 PM by BILL WILBANKS
GREAT NEWS! The popular Home Affordable Refinance Program (HARP) was just extended 2 more years beyond the current program expiration date. The FHFA today announced that this refinance program that was scheduled to end December 31,2013 has been extended until December 31, 2015. Here's a D.C. program that really helps!
The program is designed to help the existing property owner take advantage of refinancing into a much improved rate when they currently have very high LTV's if not, as most are that use this program, underwater on equity or unable to use other traditional programs out there. Specifically it's available if your current mortgage is owned or guaranteed by Freddie Mac or Fannie Mae (the GSE's) now. Your current mortgage must have been sold to Fannie or Freddie before the end of May 2009 and your present loan-to-value must be greater than 80% financing. It only applies to refinancing the current 1st mortgage, so any subsequent mortgages (2nd, third, HELOC) must be subordinated behind the new 1st or paid off completely. But what a help!
This has been a dream program for many borrowers in states like ours here in Florida where so many owners found themselves upsidedown on equity after 2007. This has been the answer for many folks having no other way to take advantage of the refinance market. If you want to know more or believe it might help you, give me a call. We have done many of the Fannie Mae version loans on the program for our customer base all around Florida.
Bill Wilbanks, Broker