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News Now

Washington
FHFA Reaches Out To More HARP-eligible Homeowners
WASHINGTON (9/24/13)--HGTV personality and star of "Power Broker" Mike Aubrey has signed on with the Federal Housing Finance Agency to help spotlight the agency's nationwide effort to better educate underwater homeowners about the mortgage relief that may be sought through the Home Affordable Refinance Program (HARP).
 
"To date, more than 2.8 million homeowners have refinanced through HARP," said FHFA Acting Director Edward J. DeMarco. "With the launch of this campaign we look forward to reaching those homeowners who may not know about the program or understand the eligibility criteria to take advantage of today's low interest rates by refinancing through HARP."
 
As part of this campaign, FHFA has launched a new website, www.HARP.gov, and is working with mortgage companies across the U.S.


To be eligible for a HARP refinance, homeowners must meet the following criteria:
  • The loan must be owned or guaranteed by Fannie Mae or Freddie Mac;
  • The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009;
  • The current loan-to-value (LTV) ratio must be greater than 80%; and
  • The borrower must be current on their mortgage payments with no late payments in the last six months and no more than one late payment in the last 12 months.
The FHFA and the U.S. Department of the Treasury introduced HARP in early 2009 as part of the Making Home Affordable program.


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