HARP extended into 2017

​​WASHINGTON, D.C. – The Federal Housing Finance Agency has extended the Home Affordable Refinance Program (HARP) until Sept. 30, 2017, to create a smoother transition period for a new refi product it is planning to launch toward the end of 2017.​​​​​

Also, Fannie Mae and Freddie Mac will implement a new refinance offering aimed at borrowers with high loan-to-value ratios.

To qualify for the new High LTV program, the borrower:

• must not have missed any mortgage payments in the previous six months;
• must not have missed more than one payment in the previous 12 months;
• must have a source of income; and
• must receive a benefit from the refinance in one of the following ways:
• reduced monthly principal and interest payment;
• lower interest rate;
• shorter amortization term; or​
• more stable mortgage product, such as moving from an adjustable-rate mortgage to a fixed-rate mortgage. ​​