Get it, HARPing? Corny, I know but it is exciting news and I really want you to know! I first told you about the government’s HARP (Home Affordable Refinance Program) and how amazing it is for underwater homeowners. The program was set to end in December but it has now been extended.
Homeowners who owe more than their home is worth will get another shot at shoring up their finances under a new streamlined refinance option announced today.
The Federal Housing Finance Agency said today that Fannie Mae and Freddie Mac will be offering a new refinance plan beginning in October 2017.
It was also announced that HARP is being extended until Sept. 30, 2017. We had been expecting the Home Affordable Refinance Program to expire in December.
The eligibility criteria with HARP is that the loan had to be originated before June 1, 2009, to qualify. But there is no such cutoff date under the new refinance option that begins later next year. Other main differences: The new option is expected to be more sustainable going forward, and homeowners can use it to refinance more than once.
More than 300,000 homeowners across the U.S. are still eligible to refinance under HARP.
Call me today to find out if you qualify. I love to help!