The Home Affordable Refinance Program, or HARP program, was initially set to expire at the end of 2013. But today the government agency that oversees HARP announced the highly successful program will be extended for two more years until Dec. 31, 2015.
Ed DeMarco, the director of the Federal Housing Finance Agency (FHFA) said this about the extension of the HARP program:
“More than 2 million homeowners have refinanced through HARP, proving it a useful tool for reducing risk. We are extending the program so more underwater borrowers can benefit from the lower interest rates.”
The HARP program applies to conventional mortgages that are currently backed by Fannie Mae or Freddie Mac. There has been speculation that a “HARP 3” program might be launched at some point in order to expand that pool of candidates for the HARP program beyond the current parameters but nothing has been announced on HARP 3 yet.
This two year expansion means there is more time for a HARP 3.0 and other enhancements of the program to get off the ground though, so bookmark this site to get the latest news on the HARP and other government refinance options. Contact us in the sidebar today to learn more about all of the government refinance programs that are currently available.