The Home Affordable Refinance Program (HARP) has been extended

The Home Affordable Refinance Program (HARP) has been extended for another year according to information released on Friday from the Federal Housing Finance Agency.

 The program was due to expire on June 30 but will now continue until that date in 2012.    

HARP is designed to assist homeowners that owe more money on their current home that the market value of their home and are  unable to qualify for a conventional refinance.  Refinancing through HARP, which is overseen by Freddie Mac and Fannie Mae, can reduce homeowners’ mortgage rates and remove some of the incentives for a strategic default. 

To qualify for HARP you must currently have a mortgage owned or guaranteed by the Freddie Mac 0r Fannie Mae, have a one year history of on-time payments on your loan, and owe more on your loan than your home is worth.  The loan-to-value, however, cannot exceed 125%.


 The following changes will extend the availability of the program to additional borrowers IN UTAH AND ACROSS TH US.

  • The program has been extended. Accordingly, lenders may continue to originate Refi Plus™ and DU Refi Plus™ loans with the HARP flexibilities provided the note date is on or before June 30, 2012, and whole loans are purchased by Fannie Mae no later than October 31, 2012 or in an MBS pool with an issue date no later than October 1, 2012.
  • Currently, to be eligible for Refi Plus or DU Refi Plus the existing mortgage loan being refinanced had to be purchased by Fannie Mae prior to March 1, 2009 or in an MBS pool with an issue date prior to March 1, 2009. With these program changes, mortgage loans are now eligible if they were purchased by Fannie Mae prior to June 1, 2009 or in an MBS pool with an issue date prior to June 1, 2009.

Desktop Underwriter® (DU®) and the delivery system edits will be updated to reflect the additional mortgage loans that are now eligible for inclusion in the program (loans purchased or securitized by Fannie Mae between March 1, 2009 and June 1, 2009). Consequently, DU will not identify these loan casefiles as eligible to be refinanced using DU Refi Plus until April 11, 2011, and DU and manually underwritten loans meeting the new eligibility requirement can be delivered to Fannie Mae on or after April 11, 2011.


Professional Mortgage Loan Specialist
Christian Roberts Mortgage

512 E Winchester Plaza
Murray, UT 84107

(801) 604-4949 mobile
(801) 716-5237 office
(888) 880-3472 direct fax

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