Over the past year Colorado has remained very strong in the Real Estate Market, many articles showing how our home prices are increasing and sales are up from this time last year. Unfortunately there are still some homes that the value has decreased and some homeowners are underwater, preventing them from refinancing. If you have a mortgage that is serviced by Fannie Mae or Freddie Mac there is a program that can help, have you heard of it?
Home Affordability Refinance Program, otherwise known as HARP. As of yesterday the Federal Housing Finance Agency (FHFA) announced they will be extending the program for another two years. It was set to only be available until December 31, 2012 but will now be until December 31, 2015!
The goal of the refinance program is to help homeowners who are underwater to be able to get a new, more affordable, more stable mortgage.
“More than 2 million homeowners have refinanced through HARP, proving it a useful tool for reducing risk,” said FHFA Acting Director Edward J. DeMarco. “We are extending the program so more underwater borrowers can benefit from lower interest rates.”
In addition, FHFA is also going to launch a nationwide campaign to inform homeowners about HARP. This campaign will educate consumers about HARP and its eligibility requirements and motivate them to explore their options and utilize HARP before the program ends.
Here is the link for Fannie Mae loan look up: https://www.knowyouroptions.com/loanlookup
Here is the link for Freddie Mac loan lookup:https://ww3.freddiemac.com/corporate/
Click here to see if you are eligible and please contact us if you have any questions. Make sure to complete a secure online loan application if you would like to get started.
Summit Mortgage Corporation