You’ve got a another year to refinance those high LTV loans!
Federal Housing Finance Agency (FHFA) acting director Ed DeMarco announced the extension of the Home Affordable Refinance Program (HARP), for an additional year, ending June 30, 2011. HARP is the refinance branch of the Making Home Affordable Program.
This is great news if you want to refinance, but declining property values have created a high loan-to-value. Under this program, you may qualify for refinancing with up to a 125% LTV.
DeMarco said, “FHFA has reviewed the current market situation and the state of mortgage insurance availability and has determined that the market conditions that necessitated the actions taken last year have not materially changed.”
He continued, “Accordingly, to support and promote market stability, and to encourage lenders and other mortgage market participants to fully adopt the HARP program, including the implementation of the October 2009 expansion of loan-to-value ratios (LTVs) to 125%, FHFA is authorizing the extension of HARP until June 30, 2011.”
Awesome news!
