The HARP Program (Home Affordable Refinance Program) that was established in 2009 by the Federal Housing Finance Agency was extended in May to go through December 2016. That leaves just a year and half to get involved!
This program was established to help those with little equity in their homes, or people who owed more than their home was worth, to be able to refinance to a lower rate. The good thing about this refinancing option is that there is no minimum credit score required, and closing costs are rolled into the mortgage.
The basic requirements are:
Need to have a mortgage on or before May 2009.
Should be your primary residence, 1 unit second home, or 1-4 unit investment property
Needs to be either a Fannie Mae or Freddie Mac property
Visit the HARPwebsite where you can find additional information about HARP, links to Fannie Mae and Freddie Mac to see if your house is under those umbrellas, and how to apply.
According to the availability map they provide, there are still over 18,000 loans available.
Author:Anthony Ruperto Phone: 914-494-0141 Dated: June 12th 2015 Views: 983 About Anthony: Fresh out of college an entire year early, Anthony is a licensed Real Estate Salesperson who was bor...
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J. Philip Real Estate is one of Westchester County's premier independent brokerages. Founded in 2005, the firm has grown from a single broker to a strong organization of well over 30 associates despite the housing downturn. The team's commitment to results and client advocacy, as well as our focus on technology and innovation, have positioned us as the "go to" brokerage for Westchester buyers and sellers.