CALL INFO LINE: 801-859-6555
 Welcome to the FreeUtahHomeSearch.com Blog

2015-05-12 11:50:23
Fannie, Freddie Chief Urges 600K U.S. Borrowers to

Fannie, Freddie Chief Urges 600K U.S. Borrowers to Refinance Under HARP

Government-sponsored programs to help qualified borrowers refinance their mortgages or prevent foreclosure by working out a lower-payment modification will be extended through 2016.

Federal Housing Finance Agency (FHFA) Director Melvin L. Watt, the independent overseer of Fannie Mae and Freddie Mac, disclosed Friday at an event that the two mortgage giants will extend the Home Affordable Refinance Program (HARP) for loans issued before the housing crash and the Home Affordable Modification Program (HAMP) for struggling borrowers.

 

The programs were scheduled to close down at the end of 2015.

Moreover, the FHFA will take lessons learned since the launch of the two programs, especially HARP, to “explore possible streamlined refinance solutions for future enterprise loans,” Watt said in remarks prepared for a Los Angeles speech.

Watt also encouraged the estimated pool of eligible borrowers, about 600,000 nationwide, to take advantage of HARP now while mortgage rates remain historically low (the 30-year fixed rate averaged 3.8 percent this week, according to Freddie Mac).

3.3 Million Have Refinanced Under HARP
“In the meantime, we want to encourage the 600,000 plus borrowers nationwide who would still benefit from the HARP program to take advantage of HARP while they still have the opportunity to do so and while interest rates remain low,” Watt said. “Approximately 31,000 of these borrowers are right here in California, and we want them to join the nearly 3.3 million borrowers who have already taken advantage of HARP to reduce their monthly payments and obtain some financial relief.”

Fannie Mae and Freddie Mac have operated mostly under taxpayer support since being seized in late 2008.

HARP was created by FHFA specifically to help homeowners who are current on their mortgage payments, but who are underwater on their mortgages. This means they owe almost as much or more than the current value of their homes.

You can check out this interactive online map​ that shows the numbers of estimated borrowers eligible for HARP in every zip code. To see if you qualify for the program, go to HARP.gov.

Watt added: “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.”

 
Blog Archive
2017-04-16 09:49:56
Population Growth Shifting Out of SL To UT County

2017-04-16 09:49:01
State’s economy fueling population growth

2017-03-10 16:03:59
CNBC ranks Utah No. 1 state for business

2017-03-08 10:24:12
Toughest & Easiest States for 1st Time Home Buyers

2017-01-04 10:39:50
Housing Market 2017: The Positives & Negatives

2016-06-14 10:31:17
Salt Lake Monthly Housing Report

2016-05-20 15:42:35
Who Pays the Highest Property Taxes?

2016-03-31 15:49:40
Cities to Watch: 2016's Fastest-Growing Places

2016-03-29 13:19:08
Salt Lake Quarterly Housing Report

2016-01-28 08:37:27
Park City 2015 Year-end Statistics Press Release

2016-01-18 10:50:31
5 Things to Never Say When Selling a Home

2016-01-11 11:46:49
The ‘Missing Link’ in Housing

2015-12-23 12:08:43
5 Real Estate Trends That Will Dominate 2016

2015-12-15 10:56:50
How Will Higher Rates Affect Housing?

2015-12-04 10:39:02
Big Expectations for Housing in 2016

2015-12-01 10:07:30
6 ‘Tacky’ Home Décor Trends

2015-11-10 11:31:23
Home Buyers Don’t Need to Fear

2015-10-28 09:48:58
Home Prices Rising at Faster Pace Than Inflation

2015-10-20 15:23:54
Scammers Using New Chip-Based CCs as Fresh Phishin

2015-10-09 10:13:25
3 Home Inspection Deal-Breakers

2015-10-06 14:42:40
The Next Three Months: Best Time to Buy

2015-09-17 10:30:01
How High Will Mortgage Rates Actually Climb?

2015-09-11 14:14:05
Best Day of the Year to Buy a Home

2015-08-24 08:28:04
Home Resales at 8-Year High as Buyers Act Before M

2015-07-31 11:21:43
Utah Economy Newsletter June 2015 Now Available

Click here to see ALL articles.


Comment on this Article

Your Name:
Your Email:
Comments:
Verify:  Please enter the numbers shown to help eliminate spam.