HARP 2.0 Extended Until 2016

HARP 2.0 Extended Until 2016

Gustan Cho Associates

Great news for homeowners who have mortgage loans underwater. HARP 2.0 Extended Until 2016. The Federal Housing Finance Agency released that they will officially be extending the HARP, Home Affordable Refinance Program , until the end of 2016.  The Home Affordable Modification Program already has been extended until the end of 2016.

HARP 2.0 Extended Until 2016 Gives Time For Homeowners To Refinance

The number of homeowners refinancing through the HARP 2.0 program has steadily been declining year after year due to many homeowners with underwater mortgages already took advantage of the HARP 2.0 refinance program. With the great news of HARP 2.0 Extended Until 2016, this will give homeowners who were unable to go through the refinance process of their high interest mortgage loans now take their time in refinancing their home loans. However, there are still many homeowners who still have homes whose mortgage loans are higher than the market values of their homes who did not take advantage of the HARP 2.0 mortgage program.  Many homeowners were delaying refinancing hoping that the market values of their homes will recover but in many areas, home prices have remained stagnant and not seen much appreciation.  The extension of both HARP and HAMP until the end of 2016 can benefit homeowners who still have a rather difficult time in paying their current mortgage home loans or refinancing their current home loan.

HARP 2.0 Extended Until 2016 A Major Success

The HARP 2.0 program has been a major hit and success since the launch of it back in 2009.  Over 3 million homeowners has taken the advantage of the Home Affordable Refinance Program to lower their monthly mortgage payments by refinancing with a lower interest rate on their upside down mortgage home loans.  The current HARP 2.0 program was set to expire on December 31, 2013.

Background of HARP 2.0

In 2013, the United States of Housing and Urban Development and the United States Department of Treasury announced that the Obama Administration will be extending the current HARP 2.0 program until December 31, 2015.  This new extension of the Home Affordable Refinance Program until 2016 gives many homeowners who still did not take advantage a peace of mind in not rushing into refinancing their current home loan.  An estimated 600,000 plus homeowners in the United States can benefit from the Home Affordable Refinance Program.

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