The Federal Housing Finance Agency (FHFA) announced a new program Monday that will seek to educate homeowners on potential refinancing options under the Home Affordable Refinance Program (HARP). The program aims to inform underwater homeowners of expanded HARP eligibility requirements and encourage homeowners to discuss refinancing options with their lenders.
“To date, more than 2.8 million homeowners have refinanced through HARP,” said FHFA Acting Director Edward DeMarco. “With the launch of this campaign we
look forward to reaching those homeowners who may not know about the program or understand the eligibility criteria to take advantage of today’s low interest rates by refinancing through HARP.”
In order to publicize the program, FHFA has recruitedHGTV personality Mike Aubrey to help promote HARP. “Harp is an absolute no brainer for eligible homeowners. The program allows underwater homeowners the option to refinance at a lower rate and in my book that’s a great deal,” Aubrey said. “I spend my time on TV and as a Realtor trying to get great deals for my clients. FHFA has already done the legwork to create an amazing deal. It’s as simple as finding out if you qualify, getting the refinancing done, and watching the savings add up.”
In order to be eligible under HARP the homeowner must meet the following criteria: The loan must be owned by Fannie Mae or Freddie Mac, the mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009, the current loan-to-value ratio must be greater than 80 percent, and the borrower must be current on their mortgage payments with no late payments in the last six months and no more than one late payment in the last 12 months.