(edit: New guidelines issued 10/24/2011 – Click here for new rules)
HARP, the Home Affordable Refinance Program for underwater homeowners has been extended until June 2012
St Paul, MN: The Home Affordable Refinance Program was set to expire this June 30th, but has been extended one year until June 2012. The extension is great news, as HARP has been about the only success story of all the government programs attempting to stem the tide of foreclosures.
Basically if your existing first mortgage is held by Fannie Mae, or Freddie Mac, and that first mortgage is LESS than 125% of today’s value, you may qualify and be able to take advantage of today’s low rates for refinancing.
To bring even more meat to the grill, Freddie Mac has also announced they WILL NOT add recently announce cost (rate) increases to this program.