Home Affordable Refinance Program
Along with Fannie Mae and Freddie Mac (the Enterprises), the Federal Housing Finance Agency has upgraded the Home Affordable Refinance Program (HARP) so that more eligible borrowers can benefit from refinancing their home mortgage. The new program enhancements include:
- Eliminating certain fees for borrowers who refinance and lowering fees for others.
- Expanded appraisal guidelines with more flexibilities on value and condition of property.
- Eliminating the need for a new property appraisal in some cases.
- Extending the HARP end-date for applications received on or before December 31, 2015, for loans with note dates on or before May 31, 2009.
To learn if you’re eligible for an enhanced HARP, contact your residential loan officer.