The Home Affordable Refinance Program HARP 2.0 Expires in 2016
In May of 2016, the Federal Housing Finance Agency (FHFA) extended the HARP program through December 31st, 2016 in order to continue to offer support for homeowners seeking to refinance their mortgage while suffering from having lower property values than equity balances, a term coined as being “under-water on your mortgage”.
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The Home Affordable Refinance Program and the Streamline Refinance program set forth by the FHFA have assisted millions of Americans in lowering their monthly payments on their mortgage by lowering interest payments and points.
Still today, thousands of homeowners may be eligible for this HARP refinance program to lower their mortgage expenses before rates rise and the HARP is set to expire.
Refinance Before Rates Rise with HARP
If you owe more on your home than it’s worth, but you have still been staying current on your mortgage payments, pay attention!
The HARP program is exactly designed to help homeowners in your situation, now is the time to take advantage.
The Home Affordable Refinance Program (HARP) was set forth in 2009 after the crash of the housing market, because mortgage borrowing rates had fallen dramatically, but homeowners could not refinance under conventional terms because in some cases their home property value had fallen below their equity balance or paid off amount on the home.
With HARP assistance, homeowners with equity levels below the value of their home that have maintained good standing on their mortgage payments are fortunately eligible to refinance their home mortgage to find a lower payment and to lower their mortgage interest expense
