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Homeowners who are underwater in their mortgage will have another chance to refinance now that the Home Affordable Refinance Program (HARP) has been extended through Sept. 30, 2017.
Read more: No mortgage and no utility bills? Meet one couple living off the grid
HARP has quietly become a very popular refinance program geared toward those who owe more on their house than it is worth. Nearly 3.5 million homeowners have refinanced into better rates under the program despite having little to no equity.
Originally scheduled to sunset on December 31, 2016, HARP is now getting a yearlong extension courtesy of the mortgage clearinghouses Fannie Mae and Freddie Mac.
To qualify for a HARP refinance, your mortgage must be owned by either Fannie Mae or Freddie Mac behind the scenes.
You can contact Fannie Mae online or at 1-800-7-FANNIE to find out if your loan is owned by them. Likewise, you can reach out to Freddie Mac online or at 1-800-FREDDIE to ask the same.
You must be current for the last six months with no more than one missed payment during the last 12 months.
Here some additional things you’ll want to know about this program:
The HARP extension is expected to benefit more than 300,000 homeowners. That’s on top of the more than 3 million people who have already refinanced through the program since it was begun in 2009!
Read more: Is that refinance offer you got in the mail actually a good deal?
This post was last modified on March 22, 2017 2:28 pm
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