FHFA encouraging use of federal refinancing program Source: The Hill The Federal Housing Finance Agency (FHFA) is trying to spread the word about a federal refinancing program, the Home Affordable Refinance Program (HARP), as a way to encourage homeowners who are up to date on their payments but who owe more than their home is worth to contact a lender. At least 2.8 million homeowners have refinanced already through HARP. Read the full story More than 2.8 million homeowners have refinanced through HARP so far. To be eligible for a HARP refinance, homeowners must meet the following criteria: • The loan must be owned or guaranteed by Fannie or Freddie. • The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009. • The current loan-to-value ratio must be greater than 80 percent. • The borrower must be current on their mortgage payments with no late payments in the past six months and no more than one late payment in the last 12 months Read more: thehill/blogs/on-the-money/1091-housing/323951-fhfa-encouraging-use-of-federal-refinancing-program#2#ixzz2g6U6Wd5H Follow us: @thehill on Twitter | TheHill on Facebook
Posted on: Fri, 27 Sep 2013 14:31:53 +0000
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