The Home Affordable Refinance Programs, or HARP, was launched in 2009. The program got off the ground fairly slowly but has been picking up steam ever since. The Federal Housing Finance Agency (FHFA) recently announced that in 2012, 1.1 million HARP refinances were completed. That is as many HARP loans as were completed between 2009 and 2011 combined.
Several factors have contributed to the upswing in HARP refinances: 1) Lenders finally became comfortable with the program and started approving more HARP loans, 2) Interest rates hovered near all time lows for much of 2012, and 3) The HARP 2.0 program went live in the summer of 2012 and that opened the program to many new candidates.
As we progress into 2013, all of the factors that made 2012 a banner year for the HARP program are still in place. Rates are still near all time lows, it is easier now to qualify for a HARP loan than ever before, and the infrastructure to get HARP loans completed is better than ever. Contact us in the sidebar to learn if the HARP program (or one the the other government refinance programs) can help your family.