Monday, February 17, 2014 - Article by: Prospect Financial Group, Inc. -
Based on information provided by the Federal Housing Finance Agency, the Home Affordable Refinance Program or HARP has now successfully refinanced over 3 million home loans. By the end of November 2013, 3,027,937 homes had been refinanced under the program.
The program was first released in 2009, but the majority of the refinances completed under the program did not take place until 2012 and later. In 2012 alone, 1,900,000 homeowners refinance their home loan under the HARP program.
The HARP program was designed in response to the mortgage meltdown. When the housing market collapsed, home values plummeted across the country, giving homeowners little options when it came to refinancing or selling. The HARP program was designed to help underwater homeowners with Fannie Mae or Freddie Mac loans refinance. There is no loan-to-value limit with HARP and the majority of refinances that took place in 2012 had loan-to-value ratios over 125 percent.
The program is available not only to primary owner-occupied residences, but also to investment property and second/vacation home owners. For more information about the home affordable refinance program and to find out if you are eligible, call Prospect Financial Group, Inc. at 858-605-0952.
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