FHFA extends HARP into 2017
The Federal Housing Finance Agency (FHFA) announced last month that it is extending the Home Affordable Refinance Program (HARP) until September 30, 2017. What’s more, it is estimated that over 300,000 mortgages in the U.S. are eligible for a HARP loan. Check out the map below to see how many may be eligible in your state.
Could you be one of the 300,000+ homeowners eligible for a HARP loan? A key factor in determining your eligibility for a HARP loan is your loan-to-value (LTV) ratio. As the term suggests, your LTV ratio compares the outstanding loan amount on your property to its estimated value. You can calculate yours by dividing the balance of your mortgage by your home’s estimated value. To qualify for a HARP loan, your LTV ratio must be higher than 80%. Your current loan must be also owned by Freddie Mac or Fannie Mae and must have been originated prior to May 31, 2009. Additionally, you must be current on your payments, with no late payments in the previous six months and no more than one late payment in the previous 12 months.
At the conclusion of the HARP program next fall, Fannie Mae and Freddie Mac will launch a new refinance program to assist borrowers with high LTV ratios.
More information about HARP can be found at www.harp.gov.
To find out if you are eligible for a HARP loan or to explore your other refinance options, contact a Castle & Cooke Mortgage loan officer near you!
Castle & Cooke Mortgage, LLC® (NMLS #1251) is a leading independent mortgage lender headquartered in Salt Lake City, Utah, with locations across the United States.