The Home Affordable Refinance Program is ENDING

The following is meant for information purposes only and to provide insight, tips and raise awareness. This is not legal advise.

The Federal Government is ending their HARP (Home Affordable Refinance Program) 12/31/2018, unless there is a last minute extension, which at this point doesn’t seem likely. Interested parties need to act before years end. This program was established in March of 2009 by the Federal Housing Finance Agency. The HARP Program benefits homeowners whose mortgage payments are current, but who cannot refinance due to dropping home prices/values in the wake of the U.S. housing market correction/collapse.

Basically the program allows those with an LTV (Loan-to-value –ratio) exceeding 80% to refinance without also paying for mortgage insurance. This refinance program could save homeowners thousands in interest payments or it would allow homeowners to refinance out of more risky ARM or interest only or other risky mortgage products. There are some variables of the program which can be explained by a competent lender, at no cost to the borrower. The first step is to determine if YOUR mortgage is eligible for the program. One can either contact the servicer of your loan and ask if the mortgage is HARP eligible, or contact our office for a referral to a lender who is qualified to assist you. There is no cost to do this initial step.

Just contact Dennis by e-mail – dennis@paddencooper.com and he will put you in contact with a lender that we recommend. Please include your contact telephone number along with your e-mail.

The time to act is now. Year end is fast approaching.

Dennis Dovie | 11/20/2018

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The Home Affordable Refinance Program is ENDING