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HARP Extended Through 2018

To ensure that high LTV borrowers who are eligible for HARP continue to have a refinance option, FHFA is directing the Fannie and Freedie to extend HARP through December 31, 2018. HARP continues to be one of the most successful crisis-era programs through which more than 3.4 million homeowners have refinanced their mortgages.

The Federal Housing Finance Agency (FHFA) today reported that more than 356,709 refinances were completed in the second quarter of 2017, compared with 510,074 in the first quarter. FHFA’s second quarter Refinance Report also shows that more than 9,700 loans were refinanced through the Home Affordable Refinance Program, bringing the total number of HARP refinances to 3,470,804 since inception of the program in 2009.

According to new data released today, 143,051 borrowers could still benefit financially from a HARP refinance as of March 31, 2017. These borrowers meet the basic HARP eligibility requirements, have a remaining balance of $50,000 or more on their mortgage, have a remaining term on their loan of greater than 10 years, and their mortgage interest rate is at least 1.5 percent higher than current market rates. These borrowers could save, on average, $2,400 per year by refinancing their mortgage through HARP.

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