The Federal Housing Finance Agency (FHFA) today directed Fannie Mae and Freddie Mac to extend the Home Affordable Refinance Program (HARP) by two years to December 31, 2015. The program was set to expire on December 31, 2013.
To be eligible for a HARP refinance, homeowners must meet the following criteria:
- The loan must be owned or guaranteed 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 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 their mortgage payments with no late payments in the last six months and no more than one late payment in the last 12 months
HARP HIGHLIGHTS
Unlimited Loan To Value
No OVERLAYS or program restrictions – Unlimited LTV/CLTV
No Minimum Credit Score – Determined by AUS- Primary, 2nd Homes and Non-Owner Allowed
- Single Family, 1-4 unit properties, condos, PUDS & manufactured homes
- Expanded Approval Levels I, II and III allowed (Refi Plus)
- No limit on the number of properties financed
- CMG picks up the cost of the appraisal waivers (do not disclose on GFE)
- Fast Turnaround times – Close within 30 days!
Click here to download copy of the FHFA HARP Extension Press Release (PDF)