Make Harp 3.0 Happen

Advocating for The Expansion of the Home Affordable Refinance Program

FHFA Extends HARP Through 2016

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.


Updated: May 11, 2015 — 1:40 pm


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  1. Why would Harp 2.0 be extended, it has run it’s course. What people are really waiting on here is HARP 3.0, so it would include everyone who does not now have a Fannie Mae or Freddy Mac. Extending Harp 2.0 only helps a hand full of people, why not help the majority of the people to free up money being spent on interest to go back into the economy. How does that not make more sense?

  2. Something doesn’t make sense to me. All over this site there are people pleading for changes to HARP to allow for refinancing for non-Freddie/non-Fanny mortgages. Yet the government says there are still “700,000 home owners nationwide eligible for the program and would benefit by refinancing under HARP”. Why aren’t these homeowners refinancing? Are there really 700,000? What is the source of this data?

    If there really are that many people not taking advantage of the HARP program then maybe it’s time to expand the program to allow others to refi.

  3. This doesn’t make sense. We need HARP 3.0 to come to fruition to include those not part of Freddie or Fannie Mac. For those that are part but do not meet the date requirements, like myself, the date needs to open up to others after the May/June 1st 2009 so we can refinance at better rates.

  4. By having the rates near zero, the Feds have created a bubble on the housing market again, so there’s no incentive for Congress or the president to pass HARP 3.0, because home sales are steady relatively.

    Once the Fed starts increasing interest rates, at some point it won’t be worth it to refinance the property any longer. Interest rates won’t be as attractive, and people will start paying more for their mortgages

    At some point people are just going to start losing their homes like the people back at the end of the 2000′s. Talk about Deja Vu

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