If you're looking to refinance using the HARP program, we have good news. The program, created back in 2009, was due to expire Dec. 31, 2013. As the housing market stalled, the agency has continued to extend the expiration date which greatly contributed to the stabilization of the housing market. The FHFA is expected to unveil a new finance program in 2017 and bridging the gap between the two offers security to borrowers.
In a press release on behalf of the agency it was stated, The new refinance offering will provide much-needed liquidity for borrowers who are current on their mortgage but are unable to refinance through traditional programs based on their LTV ratio exceeds the maximum limit.
These kinds of efforts have proven to be effective and shows the FHFA is a viable agency. This latest edition only further displays their effectiveness and continues to demonstrate their market savvy.