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    A special thanks to Candice Carroll of Republic Mortgage Home Loans. You can call her at 801-689-8200 or email her at

    Government Refinance Assistance Program HARP is Here to Stay Until the End of 2013

    When the housing market crashed in late 2007 and early 2008, millions of American homeowners were hit and they were hit hard. In fact, despite much of a comeback in many markets there are still countless homeowners struggling to deal with underwater mortgages. The Home Affordable Program’s refinance scheme, established by the government in April of 2009, has since allowed many people with underwater mortgages the freedom and flexibility to not only keep their homes but also save money in the process.

    Today, there is a new version of the program, called HARP 2.0. It gets its new name as a result of a second extension made to continue allowing homeowners to benefit from this lifesaving program. The most notable aspects include the provision of refinancing an upside down mortgage with today’s historically low interest rates, as well as the waiver of an appraisal as would be typical for most refinances.

    Previously, this program was set to expire at the end of this year on December 31st however the government has extended this much-needed program through December 31, 2013 in the hopes to continue helping millions of homeowners still struggling to keep afloat in their homes.

    This is an especially attractive option for a lot of consumers that have struggled throughout the past several years but maintained current status on their mortgages. Since homeowners are able to retain their home, avoid foreclosure and forego short sales altogether the program has become one of the most popular refinance choices for many mortgagors.

    In terms of requirements, the home must financed with a Fannie Mae or Freddie Mac owned mortgage. Also, the mortgage being refinanced must have been obtained on or before May 31, 2009.  Additionally, this applies only to homeowners who have not previously refinanced their home.


    If you have lost a lot of equity in your home and are seeking alternatives to foreclosure or short sale, contact us today! We will connect you to a reputable lender for more information and together you can explore whether this is right for you. And as always, if you or anyone you know is interested in anything real estate related, I invite you to contact us with your questions today – we look forward to helping you!

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