HARP Still Helping Underwater Homeowners

Posted To: MND NewsWire

The Home Affordable Refinance Program or HARP may be in its waning days, but is still being used by underwater homeowners . The Federal Housing Finance Agency (FHFA) released its Q1 Refinance Report showing that Fannie Mae and Freddie Mac completed over a half million refinances during the quarter, and 3 percent (13,425) were done through HARP. The program was initiated in 2009 to assist borrowers with little or no equity in their homes to refinance into lower interest loans. It was originally capped at a resulting mortgage of no more than a 125 percent loan-to-value (LTV) ratio, but that cap was removed in 2012. Since the program’s inception 3,361,096 borrowers have used it to refinance. FHFA said that there was a total of 510,000 refinances during the quarter, down from 750,767 in the fourth…(read more)

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