The Home Affordable Refinance Program (HARP) has been extended until December 31, 2013 and allows homeowners to refinance into low mortgage interest rates even if the property has decreased in value.
Established in 2009, for Fannie Mae and Freddie Mac, the Home Affordable Refinance Program provides an option for homeowners to refinance ?Under Water Mortgages?. A HARP Refinance addresses situations where the homeowner?s property value has fallen causing them to no longer to qualify under traditional underwriting criteria. Homeowners with a loan owned by Freddie Mac or Fannie Mae have the opportunity to refinance with any participating lender as long as the resulting loan is less than 150% of the current property?s value.
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