HARP Extended



HARP 2 has officially been extended through 2015. Originally it was set to expire at the end of 2013, but no more!

I know what you may be thinking, “what is HARP?”

HARP is the refinance program created by the government to help homeowners who are underwater refinance their current home loan and take advantage of historically low interest rates. HARP is also known as Freddie Relief, DU Refi Plus, and more names, but it is all the same program.

How do you qualify? Assuming you are making your mortgage payments on time, it comes down to only two criteria:

1. Does Fannie Mae or Freddie Mac own your loan? You can find out by going here for Fannie Mae, or here for Freddie Mac.
2. If Fannie or Freddie has your loan, then was it securitized prior to June 1, 2009

If you can answer yes to both of those, you are most likely good to go. It doesn’t matter if you have PMI, a second mortgage, or anything like that. Those are obstacles that can be overcome. The one thing HARP cannot do is consolidate loans or allow you to take cash out. HARP is designed to refinance and lower the payment on your first mortgage.

If you are sitting out their with a mortgage you got prior to June 1, 2009 and haven’t refinanced yet, you should explore this possibility. You can get started today by completing a loan application and seeing if you qualify for HARP. It doesn’t matter if you owe more than your home is worth, you could still refinance into a lower rate.



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