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HARP Has Been Extended Into 2018

Originally scheduled to end this year, the Home Affordable Refinance Program (HARP) has been extended until the end of 2018 (December 31).

If you’re interested in refinancing through HARP, here’s what you need to know:

What is HARP? HARP is a government refinance program created that is designed for homeowners with loans owned or guaranteed by Freddie Mac or Fannie Mae and who have little or no equity in their homes. Originally set up in March of 2009, the program has gone through several revisions and has helped close to 4 million homeowners.

Am I eligible? Although mortgage servicers may have additional requirements, here are the basic eligibility requirements mandated by the Federal Housing Finance Agency:

• Your mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae.

• Your mortgage must have been originated on or before May 31, 2009.

• You must be current on your mortgage payments.

• You must have no late payments in the last six months and no more than one in the last 12 months.

• Your current loan-to-value ratio must be greater than 80 percent.

What else do I need to know? You should go through your lender or broker directly rather than going through a website that may be unaffiliated with HARP. According to the Council of Better Business Bureaus, some websites that offer to help underwater homeowners may be scams. Finally, be aware that this is a new loan and will require a full application and refinance fees will apply, although HARP does have lower fees in some cases.

To see if you’re eligible for HARP, contact your mortgage provider as soon as possible. For general information and more details, visit

For more than 25 years, Omega Financial has been serving mortgage clients in Massachusetts. Our brokers have approximately 50 years in the mortgage business. You always will receive fast, courteous, and accurate information. Omega Financial, Inc. is a company duly licensed to operate in Massachusetts as a Mortgage Brokerage. We are located in the Town of Norwood, Massachusetts where we have been operating as Omega Financial Incorporated since 1988.

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