FHFA,rnalong with the government sponsored enterprises (GSEs) Freddie Mac and FanniernMae, are working with mortgage companies throughout the country to get the wordrnout about the benefits of HARP and FHFA has launched a new website, www.HARP.gov. rnIt has also enlisted Mike Aubrey, star of HGTV’s Power Broker to do a series of public service ads about HARP.  These will air in nine cities that suffered exceptionallyrnlarge price declines in the housing bust and thus where homeowners are mostrnlikely to have little or no equity.  </p

Aubreyrncalled HARP “an absolute no brainer for eligible homeowners.”  The program, he said, allows underwaterrnhomeowners the option to refinance at a lower rate, “and in my book that isrna greatrndeal. rnI spend my timernon TV and as a realtor trying to get greatrndeals for my clients. FHFA has alreadyrndone the legworkrnto create an amazingrndeal.  It’s asrnsimple as finding outrnif you qualify, getting the refinance done andrnwatching the savings addrnup.”</p

ActingrnFHFA Director Edward J. DeMarco said that 2.8 million homeowners havernrefinanced through HARP but with mortgage rates still historically low and HARPrneligibility requirements expanded, other qualified homeowners could reducerntheir monthly mortgage payments or build their equity faster with a shorterrnterm mortgage through the program.</p

DeMarcorntold Bloomberg News in an interview thisrnweekend that FHFA used focus groups to find out why borrowers with high ratesrnhadn’t yet tried to refinance through HARP. rnThey found many didn’t realize they were eligible.  They thought they had to be delinquent onrntheir mortgages before the government would help them.  DeMarco said he hoped the educationalrnoutreach would bring in an additional 2 million HARP borrowers.   </p

To be eligiblernfor a HARP refinance, homeowners must meet thernfollowing criteria:</p<ul class="unIndentedList"<liThe loan must bernowned or guaranteed by FanniernMae or Freddie Mac.</li<liThe mortgagernmust have been soldrnto Fannie Mae or Freddie Macrnon orrnbefore May 31, 2009.</li<liThe current loan-to-value (LTV)rnratio must be greaterrnthan 80 percent.</li<liThe borrower mustrnbe current on their mortgagernpayments with nornlate payments in the last sixrnmonths and nornmore than one late paymentrnin the last 12 months.</li</ul

To find outrnifrna mortgage is owned orrnguaranteed by Fannie Mae orrnFreddie Mac, borrowers can confirm their mortgage by visiting http://knowyouroptions.com/loanlookup orrn https://ww3.freddiemac.com/corporate/.

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