The Federal Housing Finance Agency announced on April 11, 2013 that they have extended the Home Affordable Refinance Program through December 31, 2015.

This program allows homeowners that have a loan guaranteed or owned by Fannie Mae or Freddie Mac the opportunity to refinance their home even if they owe more than their home is worth.  The HARP program has helped over two million homeowners since it went into effect.

For more details on the program follow this link to the fhfa press release:

Your home mortgage may be serviced by a bank or lender but owned by Fannie Mae or Freddie Mac.  To find out whether your home is owned by Fannie Mae or Freddie Mac please visit these sites:

I have lenders that can help if you are interested in refinance!  Let me know and I will send you some information.



Have you heard about the Home Affordable Refinance Program (HARP)?

If you have been unable to refinance and take advantage of the currently low-interest rates and you are not behind on your mortgage payments, you may be eligible to refinance through the Making Home Affordable Refinance Program.  This program is designed to get homeowners into a new, more affordable  mortgage.  You do not need to have equity in your home to participate in this program.

You must meet certain eligibility to qualify (taken off Making Home Affordable website – :

  • The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae.
  • The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
  • The mortgage cannot have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009.
  • The current loan-to-value (LTV) ratio must be greater than 80%.
  • The borrower must be current on the mortgage at the time of the refinance, with a good payment history in the past 12 months.

When I initially heard about this program, I was worried that it really wouldn’t help a lot of homeowners.  However, several of the mortgage professionals that I work with say they are having success in getting many of these refinance loans approved.  Yea!  That’s good news.

If you are interested in finding out more information visit the Making Home Affordable website at:

You can also contact your mortgage lender or call one of the lenders below.  They will be happy to answer questions for you:

The Federal Housing Finance Agency together with Fannie Mae and Freddie Mac announced a change in the refinance program available for homeowners that are more than 125% LTV on their fixed rate mortgages.  The program is trying to reach homeowners that are current on their mortgage loans but are upside down on their loan to value of their homes.  Many of these homeowners have been unable to refinance their homes at the current lower interest rates that are available. 

Here is an excerpt from the announcement:

 The new program enhancements address several other key aspects of HARP including:

  • Eliminating certain risk-based fees for borrowers who refinance into shorter-term mortgages and lowering fees for other borrowers;
  • Removing the current 125 percent LTV ceiling for fixed-rate mortgages backed by Fannie Mae and Freddie Mac
  • Waiving certain representations and warranties that lenders commit to in making loans owned or guaranteed by Fannie Mae and Freddie Mac;
  • Eliminating the need for a new property appraisal where there is a reliable AVM (automated valuation model) estimate provided by the Enterprises; and
  • Extending the end date for HARP until Dec. 31, 2013 for loans originally sold to the Enterprises on or before May 31, 2009.

Borrower Eligibility

  • The existing mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009. Homeowners can determine if they have a Fannie Mae or Freddie Mac loan by going to: or calling 800-7FANNIE (8 am to 8 pm ET) 800-FREDDIE (8 am to 8 pm ET)
  • The program will continue to be available for loans with LTVs above 80 percent.
  • Borrowers must be current on their mortgage payments with no late payment in the past six months and no more than one late payment in the past 12 months.
  • Borrowers should contact their existing lender or any other mortgage lender offering HARP refinances.

For additional information please see the full news release at:

The details will be given to the lenders and servicers by mid November.  It will most likely be the beginning of the new year before the program amendments are available to the consumer.