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Advocating for The Expansion of the Home Affordable Refinance Program

HARP Extended, New Streamlined FHFA Refinance Program Coming Next Year

Melvin Watt, the director of the Federal Housing Finance Agency, announced that Fannie Mae and Freddie Mac will be launching a new streamlined refinance loan plan in October of 2017 that is aimed at borrowers with little or no home equity. The final details of the plan have not been released, but it sounds very much like the existing Home Affordable Refinance Program (HARP). It was also announced that HARP has once again been extended. The new expiration date is September 30, 2017. The extension allows the FHFA to continue to offer a loan refinancing option for borrowers that are equity challenged until the new streamlined refinance program goes live. The goal of the new program is sustainability, which is something that HARP lacked. The new program will have no cutoff date and will not limit borrowers to a single use. However, the program will still only service loans held by Fannie Mae and Freddie Mac. Underwater homeowners with non-GSE held loans are still lacking an alternative to refinance out of their high interest loans.


Updated: August 27, 2016 — 3:59 pm

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