Here is some good news for all individuals, families with mortgages and those who need refinancing.
The Home Affordable Refinancing Program (HARP) has been extended until June 30, 2011, according to the Federal Housing Financing Agency. The program has been stretched for another year because of the present market and the condition of mortgage insurance availability.
Reports say that the situation was worse than expected. About 24% or 11.3 million residential properties with mortgages were underwater before the end of 2009. With the extension, more lenders can now take advantage of HARP. This includes the implementation of the October 2009 expansion of loan-to-value ratios (LTVs) to 125%. This move will hopefully make the market more stable. Of the 4 million refinanced mortgages approved by Fannie Mae or Freddie Mac last year, 190,180 were HARP refinances. Loan-to-value ratios are between 80% and 125%.
The HARP is part of the government’s Making Home Affordable Program. It was launched in April 2009 and was to end on June 10, 2010. If there is one program that can assist you in refinancing your home, then HARP may be your best option.
There are many resources available out there that can support you in your mortgage payments. Fill in the form found at the top right today to know how.
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