The Federal Housing Finance Agency has directed Fannie Mae and Freddie Mac to extend the current expiration date for the HARP refinance program until December 31, 2015. The program was set to expire the end of 2013.
The program has provided many homeowners the opportunity to refinance an underwater or high loan to value mortgage to a lower rate. Over 2 million homeowners have taken advantage of refinancing since the program inception in 2009.
Am I eligible? To be eligible, you must have a mortgage owned or guaranteed by Fannie Mae or Freddie Mac, sold to those agencies on or before May 31, 2009. The current loan-to-value ratio on the mortgage must be greater than 80%. Borrowers cannot have missed mortgage payments in the past 6 months and cannot have had more than one missed payment in the past 12 months.
How do I take advantage of HARP? The first step homeowners should take is to see whether their mortgages are owned by Fannie Mae or Freddie Mac.
Homeowners can log on to:
https://www.knowyouroptions.com/loanlookup to look up on Fannie Mae’s website
https://ww3.freddiemac.com/corporate/ to look up on Freddie Mac’s website.