New HARP Kills Cut-Off Date, But You Have to Wait

Posted To: MND NewsWire

While implementation is a ways down the road, both Fannie Mae and Freddie Mac (the GSEs) will offer new streamlined refinance options aimed at borrowers with high loan-to-value (LTV) ratios. The Federal Housing Finance Agency (FHFA), conservator of the GSEs, announced on Thursday that the new products will be available starting in October 2017 . In the meantime, in order to provide a bridge for borrowers with high loan-to-value (LTV) ratios, FHFA has extended the availability of Home Affordable Refinance ( HARP ) loans through September 30, 2017 rather than terminating the program at the end of this year. The FHFA announcement says the new GSE refinance offerings will provide much-needed liquidity for borrowers who are current on their mortgage but are unable to refinance through traditional...(read more)

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from Mortgage News Daily http://ift.tt/2bAgJar