KUSA - Mortgage interest rates are still at historic lows, but they are expected to rise, making it more important than ever to refinance.
That's why the Federal Housing Finance Agency has launched a nationwide consumer campaign to educate homeowners about the Home Affordable Refinance Program, a campaign aimed to encourage consumers who owe more than their home is worth and are current on their payments to speak with their lender and review their refinancing options.
HARP was introduced to assist homeowners in 2009, but the eligibility requirements have been expanded, so even those who were not eligible before may be now.
Homeowners must meet the following criteria:
- The loan must be owned or guaranteed by Fannie Mae or Freddie Mac.
- The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
- The mortgage cannot have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009.
- The current loan-to-value (LTV) ratio must be greater than 80 percent.
- The borrower must be current on their mortgage payments with no late payments in the last six months and no more than one late payment in the last 12 months.
For more details, check out www.harp.gov.
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