Three Million families are spending this Valentine’s Day in their own homes because of the The Home Affordable Refinance Program, nick-named HARP. According to the Federal Housing Finance Agency, the program now totals 3 million, 27 thousand, nine hundred and thirty refinanced homes.
HARP was instituted in 2010, but it was only in 2012 and 2013 that the refined and enhanced program hit its stride, making two thirds of its total refinanced mortgages, because of revamped loan limits and improved eligibility of re-financing loan seekers.
FHFA Director Mel Watt expressed pride in the program, stating, “Three million HARP refinances is an important accomplishment and represents real help to families and communities still struggling as a result of the mortgage crisis.”
Who Plays the HARP?
1. HARP helps homeowners who have mortgages held or guaranteed by Fannie Mae or Freddie Mac.
2. It is aimed at homeowners who have gained very little or no equity in their homes.
3. At first it was created for refinancing loans with “loan to value ratios up to 105 percent.”
4. As time went by, limits were raised several times. Then they were eliminated. In fact, 513,476, of 862,892 loans refinanced in 2013 had loan to value ratios that were under 105 percent. 165,568 had LTV’s exceeding 125 percent.
5. At first glance, it is startling that were 38,732 HARP refinances were completed in November comp
ared to 46,387 in the previous month of October. It is believed that total refinances have fallen with the rise of interest rates and the harsh winter. In spite of this, HARP refinances represented 24 percent of the total GSE refinances in both months.
FHFA Director Mell Watt stated, “We are continuing our efforts to make sure that those who can take advantage of this program have the information they need to do so.” At Palm State Mortgage, the success of programs like HARP is one of the big reasons that the mortgage delinquency rate has dropped below 4 percent for the first time in six years. http://www.mortgagenewsdaily.com/02122014_delinquencies_foreclosures.asp
So we are sure that if it were possible to send Valentines to a Program, HARP would collect many sweet messages of thanks.
If you haven’t refinanced yet, but are seriously thinking about it, this program has been extended. “In an effort to enable more struggling homeowners to take advantage of the Home Affordable Refinance Program, we have extended the application deadline of the program to December 31, 2015.”
He added, “HARP has also expanded the eligibility criteria for MHA to be able to offer assistance to more struggling home-owners” Check at the official HARP source for more details.
Remember, if you are considering a re-finance situation for your home, and you have questions, please don’t hesitate to call on Palm State Mortgage Company. We really are here to help!
By the way, we of Palm State Mortgage Company wish you a very happy Valentine’s Day week-end!
