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Modesto Office
(209) 524-6000
(800) 399-4262
1217 Standiford Ave.

HARP Loans extended into 2017

U.S. homeowners who are struggling to make their monthly mortgage payments have more time to take advantage of a government refinance program. The Federal Housing Finance Agency has extended the Home Affordable Refinance Program, or HARP loan, through Sept. 30, 2017.

The FHFA estimates that over 300,000 U.S. homeowners whose mortgages are underwater — they owe more than their home is worth — could still refinance through HARP to lower their monthly payments and avoid foreclosure.

Fannie Mae and Freddie Mac offer refinancing for borrowers with high loan-to-value ratios, according to the FHFA. Meanwhile, the HARP loan, which was set to expire at the end of 2016, will “create a bridge” to the new refinance program, the agency said in a news release.

“Although the number of new borrowers entering these two programs continues to decline, in part because many eligible borrowers
have already taken advantage of them and in part because of recovering house prices, lenders and servicers are continuing to approve
new HAMP modifications and HARP refinances,” FHFA Director Mel Watt said at the Greenlining Institute’s 22nd Annual Economic Summit in Los Angeles.

So who qualifies for a HARP loan and what exactly is it? A HARP loan is one that can accomodate a borrower that has negative equity in their home
or what's known as "being underwater." Plainly, it means that you owe more than your home is worth. Now many borrowers in the Central Valley are
seeing the return of equity in their home, many don't have the 20% equity needed to refinance and avoid monthly mortgage insurance. HARP is available
to these borrowers as well!

Typically there's no need for an appraisal on a HARP loan, and fees are capped. The one hitch? Your home must be owned by Fannie Mae or Freddie Mac.
It's easy to do a look-up on line to see if your loan qualifies, or call one of our friendly professionals today to see if you qualify at 209-524-6000.


Stop Paying high interest rates    

Click HERE for help on refinancing into a lower rate - no equity needed

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