FHFA just announced that the Home Affordable Refinance Program (HARP) has been extended through 2015. This program allows those with conventional mortgages that are under water to refinance and it was scheduled to expire at the end of 2013.
So far there is no talk of removing the June 1, 2009 date from the requirements. At this time, in order to be eligible, you must have closed and had Fannie Mae or Freddie Mac purchase your mortgage by June 1, 2009.
In order to be eligible for this program, you must meet the following requirements:
-Your mortgage must be securitized by Fannie Mae or Freddie Mac. This doesn't mean you are making payments to Fannie or Freddie, but they securitze your loan. You can look on either Fannie or Freddie's website and see if they list your home under the loans that are owned by Fannie or Freddie.
-Your loan had to be sold to Fannie or Freddie by June 1, 2009. This is not your closing date, but the date that they actually purchased the loan.
-You can only refinance your property once using the HARP program. If you own more than one property, you can refinance each property that is eligible.
-Your home must be over 80% loan to value and frequently you may not need an appraisal. If you are currently not paying mortgage insurance, it will not required on the new loan.
-You must be current on your mortgage payment with no late payments in the last 6 months and no more than one late in the last 12 months.
If you are interested in learning more about your options to refinance your home, contact your loan officer or call me. You can refinance investment properties with this program also. With interest rates low, it is a good time to check into this. With the program extension, it may allow those that have not been able to refinance due to income or other problems time to get it done before the program goes away.