The Federal Housing Finance Agency (FHFA) has directed Fannie Mae and Freddie Mac to extend the Home Affordable Refinance Program (HARP) by two years to Dec. 31, 2015. The program was set to expire at the end of this year.
In addition, the FHFA says that it will soon launch a nationwide campaign to inform homeowners about HARP. This campaign is designed to ‘educate consumers about HARP and its eligibility requirements and motivate them to explore their options and utilize HARP before the program ends.’
‘More than 2 million homeowners have refinanced through HARP, proving it a useful tool for reducing risk,’ says FHFA Acting Director Edward DeMarco. ‘We are extending the program so more underwater borrowers can benefit from lower interest rates.’
