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Greg Cowart - Mortgage Broker or Lender at The Securus Group
Greg Cowart - Roseville Loan Guy

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HARP Refinance Program Extended Through 2015!

Edward DeMarco, director of the Federal Housing Finance Agency (FHFA), has stated the extremely popular HARP refinance program has been extended through 2015. This is good news as it will allow even homeowners to benefit from lower rates and payments.

HARP Refinance Roseville

Before this the program was set to expire at the end of this year.

We’ve talked about the HARP program before (here, here, and here). HARP allows some people with loans owned or guaranteed by Fannie Mae and Freddie Mac to refinance to today’s low rates even if they have little or no equity. Most of the time an appraisal isn’t even required. At first it didn’t help too many people but was expanded in 2012 as “HARP 2.0” to open it up to millions more homeowners and has now helped about 2.5 million people refinance that otherwise wouldn’t have been able to.

And, while the number of people underwater on their homes in the Sacramento area is going down every day, there are still many missing out on lower rates and payments because they think they will not qualify because they have little/no equity, or owe more than their homes are worth.

The program’s extension to 2015 also seems to take advantage of the Fed’s promise to keep interest rates low until at least mid-2015. Some experts estimate there is still somewhere between $2-2.5 TRILLION in mortgages out there that have not utilized HARP 2.0 yet that could benefit from the programs expanded guidelines that will allow them to access today’s lower rates and payments.

I have been doing these since the beginning and one of the great things about our banking platform is we don’t have all the underwriting “overlays” that many (if not most) other mortgage companies and banks have that make it hard to qualify for a HARP refinance. Many people find me after trying with thier current lender and calling around to other places with no luck. We usually get these done in short order even though others couldn’t because they add extra rules over the top of Fannie Mae’s guidelines that prohibit a lot of people from refinancing.

Please give me a call or e-mail if you have any questions about HARP or any of our other streamlined refinance programs.

Greg Cowart

Senior Mortgage Planner – 17 Years Experience
Partners Mortgage

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