FHFA has announced the extension of the HARP by two years to December 31, 2015.

Good news for Homeowners still underwater and trying to avoid foreclosure!

The Federal Housing Finance Agency (FHFA) has announced the extension of the Home Affordable Refinance Program (HARP) by two years to December 31, 2015. The program was set to expire December 31, 2013. We applaud this decision and will continue to fully support HARP for our eligible customers.

At a number of the major lenders, HARP has proven to be an important tool for enabling their customers, especially underwater homeowners, to achieve meaningful financial savings through interest rate reductions in a streamlined refinance transaction. Since 2009, Bank of America has been an important participant in HARP, providing interest rate reductions for more than 350,000 borrowers with loan-to-value ratios (LTVs) greater than 80 percent. This year we expect to fund more than 100,000 HARP loans.

Please view the FHFA press release and FAQs if you would like additional information about this announcement.

At Team Olsewski, we’re dedicated to providing you with valuable information and insights in the changing mortgage environment. For more about other resources to help you manage and grow your business, please contact us.