HARP Ending... Again... For Good?
Since 2009, the Home Affordable Refinance Program (HARP) has helped qualified homeowners with limited equity in their homes find affordable refinancing. After seven program extensions, HARP is scheduled to end December 31, 2018, when new assistance programs from the mortgage-loan-backing agencies Fannie Mae and Freddie Mac will take its place.
In the wake of the housing crisis and plunging home values, too many Americans were left owing more on their homes than the homes were worth – leaving them "underwater" with loan-to-value (LTV) ratios greater than 100%. HARP stepped in to help homeowners with LTV ratios greater than 80% refinance loans and find manageable monthly payment terms.
To be eligible for a HARP loan, your mortgage must have originated no later than May 31, 2009. You must be current on your payments – no payments late by thirty days or more in the last six m...
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