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News You Can Use
On March 1, 2010 the Federal Housing Finance Agency announced that it is
extending the Housing Affordable Refinance Program (HARP) to support and
promote market stability, and to encourage lenders and other mortgage market
participants to fully adopt the HARP program. What this means is that if your loan is
owned by Fannie Mae or Freddie Mac, you may be eligible to refinance at a lower
rate, even if your loan-to-value ratio (LTV) is up to 125 percent. For example, if your
mortgage is $520,000 and your home value is $450,000 your LTV is 115 percent.
FEDERAL HOUSING FINANCE AGENCY NEWS RELEASE
March 1, 2010 - FHFA Extends Refinance Program By One Year
Washington, DC -- Federal Housing Finance Agency Acting Director Ed DeMarco
today announced the extension of the Home Affordable Refinance Program,
(HARP), a refinancing program administered by Fannie Mae and Freddie Mac, to
June 30, 2011. The program is a key component of the Administration's Making
Home Affordable Program announced last February. The HARP program expands
access to refinancing for qualified individuals and families whose homes have lost
value. The program was set to expire on June 10 of this year.
"FHFA has reviewed the current market situation and the state of mortgage
insurance availability and has determined that the market conditions that
necessitated the actions taken last year have not materially changed," said
DeMarco. "Accordingly, to support and promote market stability, and to encourage
lenders and other mortgage market participants to fully adopt the HARP program,
including the implementation of the October 2009 expansion of loan-to-value ratios
(LTVs) to 125 percent, FHFA is authorizing the extension of HARP until June 30,
2011."
In 2009, Fannie Mae and Freddie Mac purchased or guaranteed more than 4 million
refinanced mortgages. Of this total, 190,180 were HARP refinances with LTVs
between 80 percent and 125 percent. The HARP began in April 2009 and has
grown over the past few months. For more information on Fannie Mae and Freddie
Mac refinance activity, see FHFA's monthly Foreclosure Prevention & Refinance
Report. Additionally, homeowners can visit www.MakingHomeAffordable.gov for
additional information on the program.
The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac and the
12 Federal Home Loan Banks. These government-sponsored enterprises provide
more than $6.3 trillion in funding for the U.S. mortgage markets and financial
institutions.
Other News
As a mortgage broker we have relationships with numerous established
banks and lenders, Virgin Money is among them.
Virgin Money is a financial services pioneer. Headquartered in
Massachusetts, the company is majority owned by Sir Richard Branson's
Virgin Group.
Sir Richard Branson, founder and chairman of the Virgin Group, said,
"At a time when others are exiting the mortgage space, leaving
consumers with fewer financing options, Virgin Money is jumping in."
In February, 2009 I had the opportunity to meet with Sir Richard
Branson at a luncheon at their Massachusetts headquarters.
extending the Housing Affordable Refinance Program (HARP) to support and
promote market stability, and to encourage lenders and other mortgage market
participants to fully adopt the HARP program. What this means is that if your loan is
owned by Fannie Mae or Freddie Mac, you may be eligible to refinance at a lower
rate, even if your loan-to-value ratio (LTV) is up to 125 percent. For example, if your
mortgage is $520,000 and your home value is $450,000 your LTV is 115 percent.
FEDERAL HOUSING FINANCE AGENCY NEWS RELEASE
March 1, 2010 - FHFA Extends Refinance Program By One Year
Washington, DC -- Federal Housing Finance Agency Acting Director Ed DeMarco
today announced the extension of the Home Affordable Refinance Program,
(HARP), a refinancing program administered by Fannie Mae and Freddie Mac, to
June 30, 2011. The program is a key component of the Administration's Making
Home Affordable Program announced last February. The HARP program expands
access to refinancing for qualified individuals and families whose homes have lost
value. The program was set to expire on June 10 of this year.
"FHFA has reviewed the current market situation and the state of mortgage
insurance availability and has determined that the market conditions that
necessitated the actions taken last year have not materially changed," said
DeMarco. "Accordingly, to support and promote market stability, and to encourage
lenders and other mortgage market participants to fully adopt the HARP program,
including the implementation of the October 2009 expansion of loan-to-value ratios
(LTVs) to 125 percent, FHFA is authorizing the extension of HARP until June 30,
2011."
In 2009, Fannie Mae and Freddie Mac purchased or guaranteed more than 4 million
refinanced mortgages. Of this total, 190,180 were HARP refinances with LTVs
between 80 percent and 125 percent. The HARP began in April 2009 and has
grown over the past few months. For more information on Fannie Mae and Freddie
Mac refinance activity, see FHFA's monthly Foreclosure Prevention & Refinance
Report. Additionally, homeowners can visit www.MakingHomeAffordable.gov for
additional information on the program.
The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac and the
12 Federal Home Loan Banks. These government-sponsored enterprises provide
more than $6.3 trillion in funding for the U.S. mortgage markets and financial
institutions.
Other News
As a mortgage broker we have relationships with numerous established
banks and lenders, Virgin Money is among them.
Virgin Money is a financial services pioneer. Headquartered in
Massachusetts, the company is majority owned by Sir Richard Branson's
Virgin Group.
Sir Richard Branson, founder and chairman of the Virgin Group, said,
"At a time when others are exiting the mortgage space, leaving
consumers with fewer financing options, Virgin Money is jumping in."
In February, 2009 I had the opportunity to meet with Sir Richard
Branson at a luncheon at their Massachusetts headquarters.
