The Home Affordable Refinance Program: What You Need To Know

Comments:  | Leave A Comment

President Obama unveiled changes to the Home Affordable Refinance Program in a campaign stop in Nevada yesterday. A city which has been hit hard by the housing crisis.

Also read: When I Studied Abroad: Morocco

Also read: Best Places to Travel Alone: Australia

Also read: Travel Deal of the Week: San Juan, Puerto Rico

HARP, which was launched in 2009, was designed to help those who are “underwater” and owe more than their houses are worth.

It has reached less than one-tenth of the 5 million borrowers it was designed to help. Here’s a quick breakdown of what you need to know about the changes.

What was announced? The enhancements will allow some homeowners who are not currently eligible to refinance to do so under HARP. The changes cut fees for borrowers who want to refinance into short-term mortgages and some other borrowers. They also eliminate a cap that prevented “underwater” borrowers who owe more than 125 percent of what their property is worth from accessing the program.

Read more at Washington Post

RELATED:

Obama To Promote New Steps To Help Housing Woes

Join the Conversation! Share on Facebook!

Tags: »

Comments

blog comments powered by Disqus
Follow

Get every new post delivered to your Inbox.

Join 1,661 other followers