On May 8th FHFA Director Mel Watt announced that the Home Affordable Refinance Program has been extended another year. HARP is now set to expire December 31, 2016. The eligibility requirements to participate in HARP have not changed. The extension only allows more time for those that can qualify for HARP to take advantage of the program. The FHFA estimates that more than 700,000 home owners nationwide are eligible for the program and would benefit by refinancing under HARP. It also means the program will remain relevant during President Obama’s final year in office. Despite the obvious advantages of HARP, the program has slowed to a trickle. In February Fannie Mae and Freddie Mac recorded just 10,673 HARP refinances. That is down from from 26,964 in February of 2014.