The Reach and Scope of HARP

Since its inception, HARP has helped approximately 2.2 million struggling homeowners refinance their underwater mortgage under more favorable terms, leaving the state of America’s housing market in a much better condition than what it would be without the program.  Beginning in April 2009, the HARP program was initiated by the Federal Housing Finance Agency (FHFA) […]

I’ve heard that HARP has been extended. Is this true? If so, why are they extending it?

Great News for Homeowners: The Federal Housing Finance Agency Has Extended HARP And Its Benefits

Last week, the Federal Housing Finance Agency (FHFA) extended the Home Affordable Refinance Program (HARP) for an additional two years, pushing the expiration date to December 31, 2015 rather than December 31, 2013.  FHFA’s reasons for doing this have been made clear.  According to FHFA Acting Director Edward J. DeMarco, “More than 2 million homeowners […]

Why do I need an appraisal and how does it effect the process of buying or refinancing a home?

4 Secrets to Refinancing an Underwater Mortgage

If you are one of the millions of homeowners across the country with a mortgage that is considered “underwater,” you’ve likely discovered the difficulty in getting your home refinanced to take advantage of a better rate.  While government programs like FHA are allowing underwater homes to be refinanced, conventional loan holders are finding less luck. […]

FHA Streamline Refinances: Too Good To Be True?

With mortgage rates at very attractive lows, many homeowners are seeking to refinance their existing mortgages to take advantage of the savings that lower rates bring.  While low rates are good news, if your current mortgage is an FHA mortgage, there’s great news for you: FHA offers Streamline Refinances, which are the fastest, easiest way […]

HARP 2.0 and What it Means for Homeowners Who are Underwater

If you are sitting in a home for which you owe more than it is currently worth, you are one of millions of homeowners in the exact same predicament.  The good news is that you no longer have to sit underwater with a mortgage that is sub-prime or at interest rates that far exceed what […]

HARP 2.0 Encourages Borrowers to Shorten the Terms of Their Mortgages

Participants in the HARP 2.0 program—a program that is designed to assist homeowners in refinancing their mortgages, even if the mortgage is more than the home’s current value—are being encouraged to shorten the terms of their refinanced mortgages.  According to the Federal Housing Finance Agency’s (FHFA) website, “borrowers who owe more on their mortgages than […]

Why You Should Take Advantage of the FHA Streamline Refinance Option if You Are an FHA Homeowner

The Federal Housing Administration (FHA) Streamline Refinance is an option available to all current FHA-backed homeowners, and now with new rule changes, the process is even easier to complete.  In an effort to qualify more homeowners for the FHA Streamline Refinance, the FHA has decided to make the process as easy as possible. This means […]

How Refinancing Might Affect Your Credit Score?

With fixed rates remaining under 3.875%, many people are considering refinancing their mortgages to lower their monthly payments and overall debt burden.  If you can drop your interest rate by as little as ½ percent, you will be saving thousands of dollars. It just makes good financial sense to do it,  particularly since changes in […]