FHFA Extends HARP Assistance for One More Year

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FHFA Extends HARP Assistance for One More Year

HOW LOANRATEUPDATE WORKS

READ OUR DISCLOSURE

FILL OUT THE FORM

It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.

WE VERIFY & TRANSMIT TO LENDERS

Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.

REVIEW YOUR OFFERS

With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.

CHOOSE YOUR LENDER

Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.

READY TO SPEAK TO A PROFESSIONAL?

LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE

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FHFA Extends HARP Assistance for One More Year

HOW LOANRATEUPDATE WORKS

READ OUR DISCLOSURE

FILL OUT THE FORM

It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.

WE VERIFY & TRANSMIT TO LENDERS

Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.

REVIEW YOUR OFFERS

With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.

CHOOSE YOUR LENDER

Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.

LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE

Pick the service you desire below

FHFA Extends HARP Assistance for One More Year

March 14, 2011 (Shirley Allen)
mortgage-fhfa-extended-image
The Federal Housing Finance Agency (FHFA) announced that it will extend the Home Affordable Refinance Program (HARP) until June 30, 2012. Acting Director Edward J. DeMarco also announced in the press release that HARP loans would be exempt from the recently announced price adjustments and that Fannie Mae has changed the eligibility date for the program to May 2009.

HARP was set to expire on June 30, however, an extension to HARP was considered likely after the Mortgage Bankers Association (MBA) lobbied FHFA back in February for an extension of the program.

HARP was designed to help mortgage borrowers who are current on their mortgages but whose home value was less than what their current mortgage amount is, also known as being “underwater.”

In order to qualify for HARP:

1) You must be current in your mortgage payments;

2) Must have the ability to pay the new mortgage payment amount;

3) Your mortgage must owned or guaranteed by Fannie Mae or Freddie Mac;

4) The principle amount of your first mortgage cannot be more than 125% of your home’s current value;

5) The refinance must improve either the affordability or sustainability of you mortgage situation (by sustainability they mean getting you out of fluctuating interest rates).

Through 2010, Fannie Mae and Freddie Mac purchased or guaranteed more than 6.8 million refinanced mortgages. Of this total, 621,803 were HARP refinances with LTVs between 80 percent and 125 percent. This is up from 190,180 in 2009, when HARP began.

More information is available at www.MakingHomeAffordable.gov.

Tags: FHFA, HARP, MBA, mortgage borrowers, loan modification, Fannie mae, Freddie Mac

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HARP was set to expire on June 30, however, an extension to HARP was considered likely after the Mortgage Bankers Association (MBA) lobbied FHFA back in February for an extension of the program.

HARP was designed to help mortgage borrowers who are current on their mortgages but whose home value was less than what their current mortgage amount is, also known as being “underwater.”

In order to qualify for HARP:

1) You must be current in your mortgage payments;

2) Must have the ability to pay the new mortgage payment amount;

3) Your mortgage must owned or guaranteed by Fannie Mae or Freddie Mac;

4) The principle amount of your first mortgage cannot be more than 125% of your home’s current value;

5) The refinance must improve either the affordability or sustainability of you mortgage situation (by sustainability they mean getting you out of fluctuating interest rates).

More information is available at www.MakingHomeAffordable.gov.

Tags: FHFA, HARP, MBA, mortgage borrowers, loan modification, Fannie mae, Freddie Mac

HOME LOANS CAN BE CONFUSING

YOU'VE GOT QUESTIONS

WHAT TYPE OF MORTGAGE LOANS ARE AVAILABLE?

DO I QUALIFY FOR A GOVERNMENT INSURED LOAN?

WHAT CAN I EXPECT FOR A MORTGAGE INTEREST RATE?

WE MAKE IT SIMPLE

WE'VE GOT ANSWERS

CALCULATE YOUR MORTGAGE PAYMENT

BENEFITS OF REFINANCING YOUR MORTGAGE

ADVANTAGES OF GETTING PRE-APPROVED FOR A LOAN

INSIDER CAR BUYING TIPS

What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.

BUYING VS LEASING

There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.

DEALER OR BANK FINANCING

Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.

BUYING ON THE INTERNET

Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.

THINKING OF BUYING
A NEW CAR?

WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.

AUTO LOAN CALCULATOR

Calculate how much you can afford

BUYING OR SELLING A HOME
IS A BIG DECISION

WE MAKE IT EASIER

HOME BUYING TIPS

HOME SELLING TIPS

SEARCH FOR A HOME

Home loans can be confusing. There's a lot of options and we provide the information that makles it simple. Don't sign on that dotted line until you know. It could cost you.

FIND THE CREDIT CARD THAT'S RIGHT FOR YOU

THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.

YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS

HARP was set to expire on June 30, however, an extension to HARP was considered likely after the Mortgage Bankers Association (MBA) lobbied FHFA back in February for an extension of the program.

HARP was designed to help mortgage borrowers who are current on their mortgages but whose home value was less than what their current mortgage amount is, also known as being “underwater.”

In order to qualify for HARP:

1) You must be current in your mortgage payments;

2) Must have the ability to pay the new mortgage payment amount;

3) Your mortgage must owned or guaranteed by Fannie Mae or Freddie Mac;

4) The principle amount of your first mortgage cannot be more than 125% of your home’s current value;

5) The refinance must improve either the affordability or sustainability of you mortgage situation (by sustainability they mean getting you out of fluctuating interest rates).

More information is available at www.MakingHomeAffordable.gov.

Tags: FHFA, HARP, MBA, mortgage borrowers, loan modification, Fannie mae, Freddie Mac

HOME LOANS CAN BE CONFUSING

YOU'VE GOT QUESTIONS

WHAT TYPE OF MORTGAGE LOANS ARE AVAILABLE?

DO I QUALIFY FOR A GOVERNMENT INSURED LOAN?

WHAT CAN I EXPECT FOR A MORTGAGE INTEREST RATE?

WE MAKE IT SIMPLE

WE'VE GOT ANSWERS

CALCULATE YOUR MORTGAGE PAYMENT

BENEFITS OF REFINANCING YOUR MORTGAGE

ADVANTAGES OF GETTING PRE-APPROVED FOR A LOAN

THINKING OF BUYING
A NEW CAR?

WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.

INSIDER CAR BUYING TIPS

What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.

BUYING VS LEASING

There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.

DEALER OR BANK FINANCING

Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.

BUYING ON THE INTERNET

Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.

AUTO LOAN CALCULATOR

Calculate how much you can afford

BUYING OR SELLING A HOME IS A BIG DECISION

WE MAKE IT EASIER

HOME BUYING TIPS

HOME SELLING TIPS

SEARCH FOR A HOME

Home loans can be confusing. There's a lot of options and we provide the information that makes it simple. Don't sign on that dotted line until you know. It could cost you.

FIND THE CREDIT CARD THAT'S RIGHT FOR YOU

THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.

YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS